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| Date | 22 Apr 2022 |
| Time | 17:37:48 |
| Category | AGMs and other meetings |
| ID | 1157J |
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Tullow Oil plc
2022 Notice of Annual General Meeting
25 MAY 2022 at 12 noon
The London offices of Tullow Oil plc, 9 Chiswick Park, 566 Chiswick High Road, London W4 5XT
IMPORTANT
This document is important and requires your immediate attention. If you are in any doubt as to the action you should take,
or any aspect of the proposals referred to in this document, you should contact an appropriate independent adviser authorised under the Financial Services and Markets Act 2000 immediately. If you have sold or otherwise transferred all of your shares
in Tullow Oil plc you should forward this document (but not the accompanying personalised Form of Proxy) to the purchaser or transferee, or the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.
Tullow Oil plc
Registered in England and Wales No. 3919249 Registered office: 9 Chiswick Park,
566 Chiswick High Road, London W4 5XT 22 April 2022
Dear shareholder
Annual General Meeting 2022
The Annual General Meeting (AGM) of the Company will be held at the London offices of Tullow Oil plc at 9 Chiswick Park, 566 Chiswick High Road, London W4 5XT, on 25 May 2022 at 12 noon. The Notice convening the AGM is set out on pages
8 to 9 of this document. A Form of Proxy for use in respect of the AGM and a prepaid reply are enclosed. A location map is shown on the reverse of the attendance card that detaches from the Form of Proxy. I would like to take this opportunity to give you some information about the Resolutions to be considered at the AGM.
Resolution 1: Reports and accounts
This Resolution deals with the receipt and adoption of the accounts for the financial year ended 31 December 2021 and the associated reports of the Directors and auditor.
Resolution 2: Directors' remuneration
In accordance with the Companies Act 2006 (the Act), the Company's Directors' Remuneration Report is divided into three parts: (i) the Annual Statement by the Chair of the Remuneration Committee; (ii) the Directors' Remuneration Policy Report; and (iii) the Annual Report on Remuneration.
- The Annual Statement by the Chair of the Remuneration Committee, which is set out on pages 71 to 72 of the Annual Report and Accounts, provides a summary of the Directors' Remuneration Policy Report and the Annual Report on Remuneration.
- The Directors' Remuneration Policy Report which is set out on pages 85 to 87 of the Annual Report and Accounts sets out the Company's future policy on Directors' remuneration. This Policy Report was approved by shareholders at the Annual General Meeting of the Company held in 2020. As no changes are proposed to be made to the Policy and
the approval obtained in 2020 is effective for three years, shareholder approval is not being sought in respect of the Policy Report this year.
- The Annual Report on Remuneration is set out on pages 71 to 84 of the Annual Report and Accounts and gives details of the payments and share awards made to the Directors in connection with their and the Company's performance during the year ended 31 December 2021. It also details how the Company's policy on Directors'
remuneration will be operated in 2022 (although, for ease of reference, those details have also been presented within the Directors' Remuneration Policy Report).
Resolution 2 invites shareholders to approve the Annual Statement by the Chair of the Remuneration Committee and the Annual Report on Remuneration for the financial year ended 31 December 2021. Resolution 2 is an advisory vote and will not affect the way in which the Company's remuneration policy has been implemented during the year under review.
Resolutions 3 to 10: Re-election or election of Directors These Resolutions deal with the re-election or election of Directors.
In accordance with the provisions of the UK Corporate Governance Code, each of the Directors will stand for
re-election, save for: Phuthuma Nhleko, who will stand for election for the first time since his appointment by the Board in October 2021 as a non-executive Director and Chair of
the Board.
Following an internal evaluation of the Board's performance and effectiveness in late 2020, the Board is satisfied that each Director being proposed for re-election or election has the skills, experience and commitment necessary to contribute effectively to the Board. The Board therefore unanimously recommends the re-election and election (as applicable)
of the Directors set out in Resolutions 3 to 10. Biographical details of each of the Directors standing for re-election or election appear on pages 5 to 7 of this document, including the reasons why the Board believes the Director's contribution is, and continues to be, important to the Company's long-term sustainable success.
In October 2022, Jeremy Wilson will have completed nine years on the Board. It is his intention to seek re-election at the AGM in early 2022 and in due course agree with the Board a date that is mutually convenient for him to retire before October 2022.
Resolutions 11 and 12: Appointment of auditor
These Resolutions deal with the re-appointment of Ernst & Young LLP as auditor of the Company and the authorisation of the Audit Committee to determine its remuneration.
Resolution 13: Directors' authority to allot shares
This Resolution is proposed as an ordinary resolution to give authority to the Directors to allot shares. This Resolution will, if approved, renew the Directors' authority to allot shares until the conclusion of the AGM to be held in 2023 or 30 June 2023, whichever is the earlier. This authority is restricted to the allotment of shares having an aggregate nominal value
of £47,874,631 representing approximately one-third of the Company's issued ordinary share capital on 18 April 2022, being the latest practicable date prior to the publication of this Notice. The Company does not currently hold any shares in treasury.
The extent of the authority is in line with the Share Capital Management Guidelines issued by the Investment Association.
There are no present plans to allot shares other than in respect of employee share schemes.
Resolution 14: Disapplication of pre-emption rights
This Resolution is proposed as a special resolution to disapply pre-emption rights. Section 561 of the Act gives all shareholders the right to participate on a pro rata basis in all issues of equity securities for cash, unless they agree that this right should be set aside. Resolution 14 empowers the Directors, until the conclusion of the AGM to be held in 2023 or 30 June 2023, whichever is the earlier, to allot equity securities for cash, without first offering them on a pro rata basis to existing shareholders, but only up to a maximum nominal amount of £7,181,195, representing approximately 5 per cent of the Company's issued ordinary share capital on 18 April 2022, being the latest practicable date prior to the publication of this Notice.
The Directors also confirm their intention to follow the provisions of the Pre-Emption Group's Statement of Principles regarding cumulative usage of authorities within a three-year rolling period where the Principles provide that usage in excess of 7.5 per cent of the Company's issued ordinary share capital should not take place without prior consultation with shareholders.
The Directors consider that it is appropriate for this authority and these powers to be granted to preserve maximum flexibility for the future.
Resolution 15: Notice of general meetings
This Resolution is proposed as a special resolution and seeks shareholder approval for holding general meetings on 14 clear days' notice. Under the Act, the notice period for the holding of general meetings (other than an annual general meeting) of a company is 21 clear days unless shareholders agree to a shorter notice period and certain other conditions are met. The Company currently has the power to call general meetings (other than Annual General Meetings) on 14 clear days' notice. The Board believes it is in the best interests
of shareholders to preserve the shorter notice period and, accordingly, proposes that Resolution 15 be passed as a special resolution.
The Board confirms that it will only call general meetings on shorter notice for non-routine business and where the
timing of the meeting is considered to be urgent and abridged notice is considered to be in the interests of shareholders as a whole. If this Resolution is passed, the authority to convene
general meetings on 14 clear days' notice will remain effective until the conclusion of the AGM to be held in 2023.
Resolution 16: Share purchases
This Resolution is proposed as a special resolution and seeks shareholder approval to allow the Company to make market purchases (within the meaning of section 693(4) of the Act)
of the Company's ordinary shares on such terms and in such manner as the Directors may determine from time to time, subject to the limitations set out in this Resolution. If this Resolution is passed, the Company will be authorised to purchase up to a maximum of 143,623,893 ordinary shares, representing approximately 10 per cent of the Company's issued ordinary share capital on 18 April 2022, being the latest practicable date prior to the publication of this Notice.
This Resolution also sets out the minimum and maximum price that the Company may pay for purchases of its ordinary shares. If this Resolution is passed, the authority for the Company to purchase its ordinary shares will remain effective until the conclusion of the AGM to be held in 2023 or 30 June 2023, whichever is the earlier. Under the authority sought by this Resolution, the Company may purchase its ordinary shares following the date on which the authorisation expires if such purchases are made pursuant to contracts entered into by
the Company on or prior to the date on which the authority conferred by it expires.
The Directors will only exercise this buyback authority, after careful consideration, when it is in the best interest of
shareholders generally, taking into account market conditions prevailing at the time, other investment opportunities, appropriate gearing levels, the expected effect on earnings per share and the overall financial position of the Company. The Directors do not have any current intention to exercise the buyback authority if approved. Purchases would be financed out of distributable profits and shares purchased would either be cancelled (and the number of shares in issue reduced accordingly) or held as treasury shares.
The Company operates certain all-employee share option schemes under which awards may be satisfied by the allotment or transfer of ordinary shares to a scheme participant. As at 18 April 2022, being the latest practicable date prior to the publication of this Notice, options were subsisting over 57,248,800 ordinary shares (the Option Shares) representing approximately 4 per cent of the Company's issued share capital. If the authority to purchase the Company's ordinary shares (as described in this Resolution) were exercised in full, the Option Shares would represent approximately 4 per cent of the Company's issued share capital as at 18 April 2022, being the latest practicable date prior to the publication of this Notice (as reduced by that purchase and excluding any of the Company's shares that may then be held in treasury). As at 18 April 2022, being the latest practicable date prior to the publication of this Notice, the Company did not hold any shares in treasury and there were no warrants over the Company's ordinary shares.
Listing Rule 9.9.6 and Directors' Interests
In accordance with the Financial Conduct Authority's Listing Rule 9.9.6, the Company confirms that the information in relation to substantial shareholdings, as set out on page 88 of the Annual Report, is unchanged as at 18 April 2022. The Directors' interests in the Company, set out on page 82 of the Annual Report, have changed as announced on 10 and 16 March 2022.
Poll voting
Each of the Resolutions to be considered at the AGM will be voted on by way of a poll. This ensures that shareholders who are not able to attend the AGM, but who have appointed
proxies, have their votes fully taken into account. Any Directors who have been appointed as proxies will cast those votes as directed by the person who appointed them. The results of the polls will be announced to the London Stock Exchange and published on the Company's website as soon as possible after the conclusion of the AGM, and no later than 6.00pm on 25 May 2022.
Action to be taken
A Form of Proxy for use in respect of the AGM and a prepaid reply envelope are enclosed. Please complete, sign and return the enclosed Form of Proxy as soon as possible in accordance with the instructions printed thereon whether or not you intend to be present at the AGM. The Form of Proxy should
be returned so as to be received by the Company's Registrar, Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY, as soon as possible and by no later than 12 noon on 23 May 2022. You can also appoint a proxy online at www.investorcentre.co.uk/eproxy or through CREST. Further details of how to do so are set out in the notes to the Notice of AGM on pages 10 to 12 of this document.
Ghanaian shareholders
To allow our shareholders in Ghana to participate in the AGM, we have put in place special procedures for them to cast their votes and appoint a proxy. The procedures are explained in advertisements we will shortly place in local newspapers in Ghana. In summary, Forms of Proxy may be obtained from our Registrar in Ghana. If any of our Ghanaian shareholders need further assistance, they should contact Central Securities Depository (GH) Limited, 4th Floor, Cedi House, P.M.B CT,
465 Cantonments, Accra, Ghana (telephone +233 (0) 303 972
254/(0) 302 689 313) or email info@csd.com.gh.
Recommendation
Your Directors believe that the Resolutions to be proposed at the AGM are in the best interests of the Company and its shareholders as a whole and unanimously recommend that
you vote in favour of them, as they propose to do so in respect of their own shareholdings.
Yours faithfully
Phuthuma Nhleko
Chair of the Board
The following biographies are of those Directors seeking re-election or election (as applicable) at the AGM and set
out the key strengths and experience of each Director which are relevant to the long-term sustainable success of the Company and therefore the reason why the Board believes each Director's contribution is, and continues to be, important to the Company's long-term sustainable success:
Mike Daly
Non-executive Director
Age: 68; Nationality: British; Appointment: 2014; Tenure: 7 years; Independent: Yes
Key strengths applicable to Tullow Oil plc's long-term sustainable success: Upstream business, exploration and appraisal executive leadership, business development, executive and public company leadership, technology and innovation, environment, health, safety and sustainability.
Experience relevant to Tullow Oil plc's long-term sustainable success: Mike brings significant upstream experience to Tullow from a 40-year career in the oil and gas business.
Mike spent 28 years at BP plc where he held a number of senior executive and functional roles within the exploration and production division across Europe, South America,
the Middle East and Asia, including eight years as head of exploration and new business development. He also served on BP's executive team as executive vice president exploration, accountable for the leadership of BP's exploration business. Mike was a member of the World Economic Forum's Global Agenda Council on the Arctic and has served on the advisory board of the British Geological Survey. He is a visiting professor at the Department of Earth Sciences, Oxford University. He holds a BSc in Geology from the University College of Wales and a PhD in Geology from Leeds University. Mike is also a graduate of the Program for Management Development, Harvard Business School, and in 2014 was awarded The Geological Society of London's Petroleum
Group Medal.
Current external roles: Non-executive director of Compagnie Générale de Géophysique, a global provider of geoscience and geophysical services to the oil and gas industry, where he is chair of the health, safety, environment and sustainable development committee and a member of the investment committee. President of the Geological Society of London,
a registered UK charity.
Rahul Dhir
Chief Executive Officer
Age: 56; Nationality: British; Appointment: 2020; Tenure: 2 years; Independent: No
Key strengths applicable to Tullow Oil plc's long-term sustainable success: Upstream business, exploration, development and operations, executive leadership, capital markets, M&A, environment, health, safety and sustainability.
Experience applicable to Tullow Oil plc's long-term sustainable success: Rahul brings substantial leadership experience in the oil and gas industry to Tullow, having founded Delonex Energy, an Africa-focused oil and gas company in 2013. Prior to establishing Delonex, Rahul spent six years at Cairn India as chief executive officer and managing director. Under his leadership Cairn India
successfully completed a $2 billion IPO and grew to a market
value of nearly $13 billion with operated production of over 200,000 barrels of oil equivalent per day. Rahul started
his career as a petroleum engineer, before moving into investment banking where he led teams at Morgan Stanley and Merrill Lynch, advising major oil & gas companies on merger and acquisition and capital market related issues.
Current external roles: Member of the International Board of Advisors at the University of Texas at Austin.
Martin Greenslade
Non-executive Director
Age: 56; Nationality: British; Appointment: 2019; Tenure: 3 years; Independent: Yes
Key strengths applicable to Tullow Oil plc's long-term sustainable success: Corporate finance, accounting and audit, risk management and executive and public company leadership.
Experience applicable to Tullow Oil plc's long-term sustainable success: Martin, a chartered accountant, brings extensive corporate financial experience to Tullow from a
34-year career in the property, engineering and financial sectors in the UK and across Africa, Scandinavia and Europe. From 2005 to 2021 Martin was chief financial officer at
Land Securities Group plc, a listed UK real estate company. Previously, he spent five years as group finance director of Alvis plc, an international defence and engineering company. Martin holds an MA in Computer and Natural Sciences from Cambridge University and is also a graduate of the Stanford Executive Program, Stanford University, California.
Current external roles: Martin is a board trustee of the UK arm of International Justice Mission, a human rights charity focused on protecting the poor from violence and ending human slavery.
Mitchell Ingram
Non-executive Director
Age: 59; Nationality: British; Appointment: 2020; Tenure: <2 years; Independent: Yes
Key strengths applicable to Tullow Oil plc's long-term sustainable success: Upstream business, corporate finance, accounting and audit, business development, risk management, executive leadership, investor and government relations.
Experience applicable to Tullow Oil plc's long-term sustainable success: Mitchell brings a wealth of oil and gas executive experience to Tullow, having established a
distinguished career spanning over 28 years of experience in the oil and natural gas industry. Mitchell joined Anadarko in 2015 and became executive vice-president of International, Deep Water and Exploration in 2018. Prior to this, he served as development director and then asset general manager for the Karachaganack field in Kazakhstan at BG Group, following his time as managing director of QGC Australia. Mitchell began his career at Occidental and spent 22 years in a number of technical and operational roles in the UK North Sea, Qatar and Libya. Mitchell holds a BSc in Engineering Technology from Robert Gordon University in Aberdeen.
Current external roles: None.
Sheila Khama
Non-executive Director
Age: 64; Nationality: Motswana; Appointment: 2019; Tenure: 3 years; Independent: Yes
Key strengths applicable to Tullow Oil plc's long-term sustainable success: Extractives project and policy reform, executive leadership, corporate governance, business development, public-private partnership and sustainability.
Experience applicable to Tullow Oil plc's long-term sustainable success: Sheila brings to Tullow a wealth of executive experience in the banking and natural
resources sectors across Africa. Sheila served as the chief executive officer of De Beers Botswana from 2005 to 2010, after which she served as a director of the extractives advisory programme at the African Centre for Economic Transformation. In 2013, Sheila took up a position as director of the Natural Resources Centre at the African Development Bank, Abidjan, Côte d'Ivoire. Sheila subsequently became
a policy adviser at the World Bank in Washington in 2016. In both roles she advised host governments on sustainable development policies for natural resources. During this time she also represented the African Development Bank
as an observer on the international board of directors of the Extractive Industries Transparency Initiative. Sheila holds a BA from the University of Botswana and an MBA from the Edinburgh University Business School.
Current external roles: Sheila is currently a member of the Advisory Board of the Centre for Sustainable Development Investment, Columbia University, and the audit committee of the United Nations Office of Operations, a non-executive director of the Development Partner Institute, as well as
a non-executive Director of The Metals Company, which is listed on the NASDAQ Stock Exchange in New York.
Genevieve Sangudi
Non-executive Director
Age: 45; Nationality: Tanzanian; Appointment: 2019; Tenure: 3 years; Independent: Yes
Key strengths applicable to Tullow Oil plc's long-term sustainable success: Corporate finance, accounting and audit, business development, risk management, executive leadership and investor relations.
Experience applicable to Tullow Oil plc's long-term sustainable success: Genevieve brings considerable marketing, investment and fund management experience to Tullow from a 22-year career in the financial sector in the US and across Africa. Genevieve began her career in business development as a marketing executive at Procter
& Gamble, Boston, before joining Emerging Capital Partners, a pan-African private equity firm, as a partner and managing director. At Emerging Capital Partners Genevieve served
on the boards of portfolio companies working closely with the executive teams and set up the company's operations in Nigeria. Since 2011, Genevieve has been managing director, Sub-Saharan Africa, for the American private equity company Carlyle Group, based in Johannesburg, South Africa, leading on a number of significant transactions in Gabon, Tanzania, Nigeria and Uganda. Genevieve holds a BA from Macalester College, St Paul, Minnesota, an MA in International Affairs from Columbia University, New York, and an MBA from the Columbia Business School, Columbia University.
Current external roles: Genevieve is currently managing director, Sub-Saharan Africa, for the American private equity company Carlyle Group.
Phuthuma Nhleko
Non-executive Chair of the Board
Age: 61; Nationality: South African; Appointment: October 2021; Tenure: <1 year; Independent: Yes
Key strengths applicable to Tullow Oil plc's long-term sustainable success: Executive leadership, public company governance and leadership, emerging markets, engineering, investor relations, corporate finance, business development, risk management, technology and innovation.
Experience relevant to Tullow Oil plc's long-term sustainable success: Phuthuma brings extensive emerging markets experience to Tullow having worked successfully across Africa over the past three decades. Phuthuma was chief executive
of MTN Group, the leading pan-African telecommunications company, from 2002 to 2011. During his time with MTN, the Group grew rapidly in Africa and the Middle East, gaining over 185 million subscribers to become one of the largest listed companies in Africa. In 2013, Phuthuma returned to MTN
as a non-executive director and chairman until 2019. This included a period as executive chairman from 2015 to 2017. He remained part of the international advisory board for the business until August 2021. After stepping down as chief executive of MTN in 2011, Phuthuma was a non-executive director at BP plc (2011-16) and Anglo-American plc (2011- 15). He also served previously on the boards of Nedbank and Old Mutual in South Africa.
Current external roles: Phuthuma is chairman of Phembani Group, an investment group which he founded in 1994, and is chairman-designate of the Johannesburg Stock Exchange Ltd. Phuthuma is also a non-executive director of South African downstream energy company, Engen Petroleum, and a non-executive director of IHS Towers, the NYSE-listed Emerging Markets Telecom Infrastructure Provider.
Jeremy Wilson
Non-executive Senior Independent Director
Age: 57; Nationality; British; Appointment: 2013; Tenure: 8 years; Independent: Yes
In October 2022, Jeremy Wilson will have completed nine years on the Board. It is his intention to seek re-election at the AGM in early 2022 and in due course agree with the Board a date that is mutually convenient for him to retire before October 2022.
Key strengths applicable to Tullow Oil plc's long-term sustainable success: Corporate finance, accounting and audit, business development, risk management, executive leadership, public company governance and leadership and investor relations.
Experience applicable to Tullow Oil plc's long-term sustainable success: Jeremy brings extensive strategic
and corporate finance experience to Tullow developed over a 30-year business career. Most recently Jeremy spent 26 years at the investment bank JP Morgan where he held a number of senior executive roles including head of European mergers and acquisitions, co-head of global natural resources and diversified industrials and latterly vice chair of the bank's energy group. Up until mid-2020 Jeremy was a non-executive director of John Wood Group plc, an international engineering company providing project and technical services to the energy industry, where he served as a senior independent director on the audit and nominations committees and chair of the remuneration committee. Jeremy holds an MSc in Engineering from Cambridge University.
Current external roles: Jeremy is founder, owner and chair of the Lakeland Climbing Centre.
Notice is hereby given that the Annual General Meeting of Tullow Oil plc (the Company) will be held at the London offices of Tullow Oil plc at 9 Chiswick Park, 566 Chiswick High Road, London W4 5XT, on 25 May 2022 at 12 noon to consider and,
if thought fit, pass the Resolutions set out below.
Resolutions 1 to 13 will be proposed as ordinary resolutions and Resolutions 14 to 16 will be proposed as special resolutions.
Ordinary resolutions
1. To receive and adopt the Company's annual accounts for the financial year ended 31 December 2021 and the associated reports of the Directors and auditor.
2. To approve the Annual Statement by the Chair of the Remuneration Committee and the Annual Report on Remuneration set out on pages 71 to 72 and 73 to 84 of the Company's Annual Report and Accounts for the financial year ended 31 December 2021.
3. To re-elect Mike Daly as a Director.
4. To re-elect Rahul Dhir as a Director.
5. To re-elect Martin Greenslade as a Director.
6. To re-elect Mitchell Ingram as a Director.
7. To re-elect Sheila Khama as a Director.
8. To re-elect Genevieve Sangudi as a Director.
9. To elect Phuthuma Nhleko as a Director.
10. To re-elect Jeremy Wilson as a Director.
11. To re-appoint Ernst & Young LLP as auditor of the Company to hold office from the conclusion of the Annual General Meeting until the conclusion of the Annual General Meeting of the Company to be held in 2023.
12. To authorise the Audit Committee to determine the remuneration of Ernst & Young LLP.
13. THAT the Board of Directors of the Company (the Board) be and is hereby generally and unconditionally authorised pursuant to and in accordance with section 551 of the Companies Act 2006 to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for or to convert any securities into shares in the Company up to an aggregate nominal amount of £47,874,631 provided that this authority shall expire at the conclusion of the Annual General Meeting
of the Company to be held in 2023 or on 30 June 2023, whichever is the earlier, save that the Company may before such expiry make an offer or enter into an agreement which would or might require shares to be allotted, or rights to subscribe for or to convert securities into shares to be granted, after such expiry and the Board may allot shares or grant such rights in pursuance of such an offer or agreement as if the authority conferred hereby had not expired.
Special resolutions
14. THAT, if Resolution 13 is passed, the Board of Directors of the Company (the Board) be empowered to allot equity securities (as defined in the Companies Act 2006 (the Act)) (including the grant of rights to subscribe for, or to convert any securities into, equity securities) for cash
under the authority given by that Resolution and/or to sell ordinary shares held by the Company as treasury shares for cash as if section 561 of the Act did not apply to any such allotment or sale, such power to be limited to the allotment of equity securities and the sale of treasury shares for cash:
a) in connection with a rights issue, open offer or other pre-emptive issue; and
b) (otherwise than under paragraph (a) above) up to an aggregate nominal amount of £7,181,195,
and shall expire at the end of the Annual General Meeting of the Company to be held in 2023 (or, if earlier, at the close of business on 30 June 2023) but, in each case, prior to its expiry the Board may make offers, and enter into agreements, which would, or might, require equity securities to be allotted (and treasury shares to be sold) after the power expires and the Board may allot equity securities (and sell treasury shares) under any such offer or agreement as if the power had not expired.
15. THAT the Company be and is hereby generally and unconditionally authorised to hold general meetings (other than Annual General Meetings) on no less than 14 clear days' notice, such authority to expire at the conclusion of the Annual General Meeting of the Company to be held in 2023.
Special resolutions continued
16. THAT the Company be and it is hereby generally authorised pursuant to section 701 of the Companies Act 2006 (the Act) to make market purchases (within the meaning of section 693(4) of the Act) of ordinary shares of £0.10 each in the capital of the Company ('Ordinary
Shares') on such terms and in such manner as the Board of Directors of the Company may from time to time determine, provided that:
a) the number of such Ordinary Shares hereby authorised to be acquired by the Company shall not exceed 143,623,893; and
b) the price that may be paid by the Company for any of its Ordinary Shares shall not be less than £0.10, being the nominal value of each Ordinary Share, and shall not be greater than the higher of, exclusive
of expenses:
i. an amount equal to 105 per cent of the average trading price of the Ordinary Shares as derived from the middle market quotations for an Ordinary Share on the London Stock Exchange Daily Official List for the five trading days immediately preceding the date on which a share is contracted to be purchased; and
ii. the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out.
Unless previously revoked, renewed, extended or varied the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2023 or on 30 June 2023,
whichever is the earlier, provided that the Company may effect purchases following the date on which the authority hereby conferred expires if such purchases are made pursuant to contracts for purchases of Ordinary Shares which are entered into by the Company on or prior to the date on which the authority hereby conferred expires.
By Order of the Board
Adam Holland
Company Secretary
22 April 2022
Registered office:
9 Chiswick Park
566 Chiswick High Road London W4 5XT
Notes
1. Attending the Annual General Meeting in person
If you wish to attend the Annual General Meeting (AGM) in person, you should arrive at the venue in good time to allow your attendance to be registered. It is advisable to have some form of identification with you as you may be asked to provide evidence of your identity to the Company's registrar,
Computershare Investor Services PLC (the Registrar), prior to being admitted to the AGM.
2. Audio cast and AGM website
This year, we are enabling shareholders to listen to a live audio cast of the AGM as well as participate remotely.
In order to participate at the meeting, you will need to visit www.meetnow.global/TULLOILAGM22 on your device
operating a compatible browser using the latest version of Chrome, Firefox, Edge or Safari. Please note that Internet Explorer is not supported. It is highly recommended that you check your system capabilities in advance of the meeting day.
If you are a shareholder, you can use your unique Shareholder Reference Number and PIN as displayed on your Form of Proxy/Attendance Card. If you are an appointed proxy or a corporate representative you will have had to be provided
with a unique invite code to enter the meeting and exercise your rights. These credentials will be issued one working day prior to the meeting, conditional on evidence of your proxy appointment or corporate representative appointment having been received and accepted. If you have not been provided with your meeting access credentials, please ensure you contact Computershare on the morning of the meeting, but no later than one hour before the start of the meeting.
Access to the meeting via www.meetnow.global/TULLOILAGM22 will be available from 11.00am. Where telephone lines
are provided these will be activated 5 minutes prior to the meeting start time. During the meeting, you must ensure you are connected to the internet at all times in order to vote when the Chair commences polling on Resolutions being put to the meeting. Therefore, it is your responsibility to ensure connectivity for the duration of the meeting.
Accessing the telephone line
To be able to speak or ask a question verbally at the meeting, you must first log in to the meeting, where the telephone number and Access Code will be available.
To be seen and heard while asking a question
To be able to ask a question and be seen by the Board and those attending the meeting, you must log in to the meeting where the information on how to enter the virtual waiting room will be available.
Technical issues
If you experience any technical issues with the site you may either call our Registrar on the telephone number provided on the site or once you have entered the meeting, you can raise your question using the chat function. If you have technical issues prior to the start of the meeting you should contact our Registrar on the shareholder helpline.
Process
The process of asking questions and accessing the AGM audio casting will be further explained within the application and located on the information page.
Duly appointed proxies and corporate representatives
Please contact the Company's Registrar before 5.30pm on 24 May 2022 on the shareholder helpline number: +44 (0) 370 703 6242 for your Shareholder Reference Number (SRN) and PIN. Lines are open 8.30am to 5.30pm Monday to Friday (excluding public holidays in England and Wales).
Shareholders should note that electronic entry to the AGM will open at 11.00am on 25 May 2022, and the meeting will formally start at 12 noon.
3. Appointment of proxies
Members are entitled to appoint one or more proxies to exercise all or any of their rights to attend, speak and vote at the AGM. A proxy need not be a member of the Company but must attend the AGM to represent a member. To be validly appointed, a proxy must be appointed using the procedures set out in these notes and in the notes to the accompanying Form of Proxy. If members wish their proxy to speak on their behalf at the meeting, members will need to appoint their own choice of proxy (not the Chair of the AGM) and give their instructions directly to them. Members can only appoint more than one proxy where each proxy is appointed to exercise rights attached to different shares.
Members cannot appoint more than one proxy to exercise the rights attached to the same share(s). If a member wishes to appoint more than one proxy, they should contact the Registrar by telephone on +44 (0) 370 703 6242 or by logging on to www.investorcentre.co.uk/contactus. A member may instruct their proxy to abstain from voting on any Resolution to be considered at the AGM by marking the 'Vote Withheld' option when appointing their proxy. It should be noted that
a vote withheld is not a vote in law and will not be counted in the calculation of the proportion of votes 'For' or 'Against' the Resolution. The appointment of a proxy will not prevent a member from attending the AGM and voting in person if
they wish. A person who is not a member of the Company but who has been nominated by a member to enjoy information rights does not have a right to appoint any proxies under
the procedures set out in these notes and should read note 10 below.
4. Appointment of a proxy online
As an alternative to appointing a proxy using the Form of Proxy or CREST, members can appoint a proxy online at: www.investorcentre.co.uk/eproxy. In order to appoint a proxy using this website, members will need their Control Number,
Shareholder Reference Number and PIN. This information is printed on the Form of Proxy. If for any reason a member does not have this information, they will need to contact the Registrar by telephone on +44 (0) 370 703 6242 or by logging on to www.investorcentre.co.uk/contactus. Members must appoint a proxy using the website no later than 48 hours (excluding non-working days) before the time of the AGM
or any adjournment of that meeting.
5. Appointment of a proxy using a Form of Proxy
A Form of Proxy for use in connection with the AGM is enclosed. To be valid, a Form of Proxy or other instrument appointing a proxy, together with any power of attorney or other authority under which it is signed or a certified copy thereof, must be received by post or (during normal business hours only) by hand by the Registrar at The Pavilions, Bridgwater Road, Bristol BS99 6ZY, no later than 48 hours (excluding non-working days) before the time of the AGM or any adjournment of that meeting. If you do not have a Form of Proxy and believe that you should have one, or you require additional Forms of Proxy, please contact the Registrar
by telephone on +44 (0) 370 703 6242 or by logging on to www.investorcentre.co.uk/contactus.
6. Appointment of a proxy through CREST
CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so by using the procedures described in the CREST Manual and by logging on to the following website: www.euroclear.com. CREST personal members or other
CREST sponsored members, and those CREST members who have appointed (a) voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf.
In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a CREST Proxy Instruction) must be properly authenticated in accordance with Euroclear UK & Ireland Limited's specifications and must contain the information required for such instruction, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the Registrar (ID 3RA50) no later than 48 hours (excluding non- working days) before the time of the Annual General Meeting or any adjournment of that meeting. For this purpose, the time of receipt will be taken to be the time (as determined
by the timestamp applied to the message by the CREST Application Host) from which the Registrar is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.
CREST members and, where applicable, their CREST sponsors or voting service provider(s) should note that Euroclear UK & Ireland Limited does not make available special procedures in CREST for any particular message. Normal system timings and limitations will, therefore, apply in relation to the input of CREST Proxy Instructions.
It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal
member, or sponsored member, or has appointed (a) voting service provider(s), to procure that their CREST sponsor
or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their
CREST sponsors or voting system providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001 (as amended).
7. Appointment of proxy through Proxymity
If you are an institutional investor you may be able to appoint a proxy electronically via the Proxymity platform, a process which has been agreed by the Company and approved by the Registrar. For further information regarding Proxymity, please go to www.proxymity.io. Your proxy must be lodged by 12 noon on 23 May 2022 in order to be considered valid. Before you can appoint a proxy via this process you will need to have agreed to Proxymity's associated terms and conditions. It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy.
8. Appointment of proxy by joint holders
In the case of joint holders, where more than one of the joint holders purports to appoint one or more proxies, only the purported appointment submitted by the most senior holder will be accepted. Seniority shall be determined by the order in which the names of the joint holders stand in the Company's register of members in respect of the joint holding.
9. Corporate representatives
Any corporation which is a member can appoint one or more corporate representatives. Members can only appoint more than one corporate representative where each corporate representative is appointed to exercise rights attached to different shares. Members cannot appoint more than one corporate representative to exercise the rights attached to the same share(s).
10. Entitlement to attend and vote
To be entitled to attend and vote at the AGM (and for the purpose of determining the votes they may cast), members must be registered in the Company's register of members at 6.00pm on 23 May 2022 (or, if the AGM is adjourned, at 6.00pm on the day two days (excluding non-working days) prior to
the adjourned meeting). Changes to the register of members after the relevant deadline will be disregarded in determining the rights of any person to attend and vote at the AGM.
11. Votes to be taken by a poll
At the AGM all votes will be taken by a poll rather than on a show of hands. It is intended that the results of the poll
votes will be announced to the London Stock Exchange and published on the Company's website as soon as possible after the conclusion of the AGM, and no later than 6.00pm on 26 May 2022.
12. Nominated persons
Any person to whom this Notice is sent who is a person nominated under section 146 of the Companies Act 2006 (the Act) to enjoy information rights (a Nominated Person) may, under an agreement between them and the member by whom they were nominated, have a right to be appointed (or to have someone else appointed) as a proxy for the AGM. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, they may, under any such agreement, have a right to give instructions to the member as to the exercise of voting rights.
13. Website giving information regarding the Annual General Meeting
Information regarding the AGM, including information required by section 311A of the Act, and a copy of this Notice of AGM are available from www.tullowoil.com.
14. Audit concerns
Members should note that it is possible that, pursuant to requests made by members of the Company under section 527 of the Act, the Company may be required to publish on a website a statement setting out any matter relating to: (a) the audit of the Company's accounts (including the Auditor's
Report and the conduct of the audit) that are to be laid before the AGM; or (b) any circumstance connected with the auditor of the Company ceasing to hold office since the previous meeting at which annual accounts and reports were laid in accordance with section 437 of the Act. The Company may not require the members requesting any such website publication to pay its expenses in complying with sections 527 or 528 of the Act. Where the Company is required to place a statement on a website under section 527 of the Act, it must forward the statement to the Company's auditor not later than the time when it makes the statement available on the website. The business which may be dealt with at the AGM includes any statement that the Company has been required under section 527 of the Act to publish on a website.
15. Voting rights
As at 18 April 2022, being the latest practicable date prior to the publication of this Notice, the Company's issued share capital consisted of 1,436,238,927 Ordinary Shares, carrying one vote each. No shares are held by the Company in treasury. Therefore, the total voting rights in the Company as at 18 April 2022 were 1,436,238,927 votes.
16. Notification of shareholdings
Any person holding 3 per cent or more of the total voting rights of the Company who appoints a person other than the Chair of the AGM as their proxy will need to ensure that both they, and their proxy, comply with their respective disclosure obligations under the UK Disclosure Guidance
and Transparency Rules. As at 18 April 2022, being the latest practicable date prior to the publication of this Notice, no notifications in respect of substantial shareholdings had been received other than as set out on page 88 of the Annual Report and Accounts.
17. Further questions and communication
Under section 319A of the Act, the Company must cause to be answered any question relating to the business being dealt with at the AGM put by a member attending the meeting unless answering the question would interfere unduly with the preparation for the meeting or involve the disclosure of confidential information, or the answer has already been given on a website in the form of an answer to a question, or it is undesirable in the interests of the
Company or the good order of the meeting that the question be answered. Members who have any queries about the AGM should contact the Company Secretary by email at TullowCompanySecretary@tullowoil.com. Members may not use any electronic address or fax number provided in this Notice or in any related documents (including the Form of Proxy) to communicate with the Company for any purpose other than those expressly stated.
18. Documents available for inspection
The following documents will be available for inspection on the date of the AGM at the London offices of Tullow Oil plc at 9 Chiswick Park, 566 Chiswick High Road, London W4 5XT, from 11.45am until the conclusion of the AGM:
- copies of all contracts of service under which Directors are employed by the Company or any of its subsidiary undertakings; and
- copies of the letters of appointment of the non-executive Directors of the Company.
Tullow Oil plc
9 Chiswick Park
566 Chiswick High Road London
W4 5XT
Tel: +44 (0) 20 3249 9000
Fax: +44 (0) 20 3249 8801
Email: info@tullowoil.com Website: www.tullowoil.com