Tullow Oil plc Unaudited Interim Results to June 30, 2004.

LONDON -- Tullow Oil plc ("Tullow") (LSE:TLW), today announced its Interim Results for the period ended June 30, 2004.

Tullow Oil is an independent oil company with interests in the UK, Africa and South Asia. During the period, Tullow completed the acquisition of Energy Africa Limited and 50% of Energy Africa Gabon for a total headline consideration of $570 million.

The results of Energy Africa have been consolidated with effect from May 28, 2004 and accordingly one month of revenue has been reflected in the Interim Results.

HIGHLIGHTS

Strong First Half Performance

--Turnover increases by 16% to GBP 76.5 million (2003 - GBP 66.0 m)

--Operating Profit before Exploration Activities increased by 32% to GBP 30.9m (2003 - GBP 23.4m)

--Operating Profit increases by 51% to GBP 26.5m (2003 - GBP 17.6m)

--Operating Cashflow of GBP 57.5m (2003 - GBP 46.1m)

--Net Debt at June 30th GBP 85.8m (2003 - GBP 30.6m)

--Interim Dividend of 0.5p/share proposed (2003 - nil)

--Current Group production over 53,000 boepd

--Basic EPS of 2.37p/share (2003 - 1.83 p/share)

Acquisition of Energy Africa

--Transaction became wholly unconditional on May 28th

--$300 million acquisition banking facility signed April 2004

--Placing of 130 million new Tullow shares at 95p oversubscribed

--Integration process well advanced

Successful Exploration

--UK North Sea: Monroe exploration well discovered gas

--Bangladesh: Lalmai well discovered gas, Bangora awaits testing

--Uganda: Turaco well encountered hydrocarbons

--Gabon: successful well in Etame permit

--Congo: MOBIM-1 well enhances Moho-Bilondo commerciality

Active Development and Exploration Programme

--Congo (Brazzaville): M'Boundi development continuing to add value

--UK North Sea: Horne and Wren development under way, first gas early 2005

--Equatorial Guinea: Northern Block G development approved

--Namibia: Kudu Joint Development Agreement signed

--Cote d'Ivoire: West Espoir facilities being fabricated

--Active exploration programme - 9 wells to be spudded by year end

Board and Senior Management Changes

--David Bamford appointed non-executive Director in July

--Adrian Nel appointed Exploration Director

--Paul McDade appointed Chief Operating Officer

--John Lander and Eskandar Maleki retired from Board in April 2004

Commenting on the results, Tullow Chairman, Pat Plunkett, said:

"The acquisition of Energy Africa is without question the most important event in the Company's history. Progress in the three months since completion has been considerable, with interests increased in selected acreage, development plans for proven discoveries advanced and a series of positive drilling results achieved. While our immediate outlook is well supported by favourable oil and gas prices, the Energy Africa deal has transformed Tullow and positions the Group to achieve substantial growth in some of the world's most prospective hydrocarbon provinces."

CHAIRMAN'S STATEMENT

The first half of 2004 saw Tullow move to a new level. The acquisition of Energy Africa is without question the most important event in the Company's history. The period also saw record levels of activity and performance across the Company's operations. Drilling activity, acreage enhancement, project development and financial performance were all substantially ahead of previous years.

The integration of the Energy Africa business and staff into the Tullow Group is now well advanced. Following completion of the transaction, the financial results of Energy Africa have been reflected in the Tullow accounts with effect from May 28, 2004.

Group Performance

Turnover and Profitability

Turnover increased by 16% to GBP 76.5 million (2003 - GBP 66.0 million). Tullow's Southern North Sea gas interests remained the principal contributor, providing 68% of Revenue (2003 - 87%). The balance of turnover was provided mostly from the Espoir field in Cote d'Ivoire and the inclusion of one month of revenue from the acquired Energy Africa interests.

The increases in turnover, combined with a significantly reduced per unit Depreciation, Depletion and Amortisation charge on UK assets from existing operations, has led to a 32% increase in Operating Profit before Exploration Activities, which reached GBP 30.9 million (2003 - GBP 23.4 million).

Reserves

At June 30, 2004 the Group had Proven and Probable Reserves of 171 mmboe (2003 - 70mmboe). The next independent review of Group Reserves will be undertaken at year end and will include a full assessment of all current appraisal and development projects.

Production

Tullow is currently producing approximately 53,000 boepd, of which approximately 29,000 boepd arises from the Group's interests in Africa. A number of initiatives are in place to enhance production from these fields, most notably Espoir, Ceiba, M'Boundi and the Gabon portfolio.

Development

The first half of 2004 was particularly eventful on the development front. In the UK, the operated Horne and Wren project is at an advanced stage and should commence production in the second quarter of 2005, while plans to tie in the Monroe discovery are also progressing. In Africa, the West Espoir development in Cote d'Ivoire received project sanction, the Northern Block G (NBG) project in Equatorial Guinea received Government approval and the M'Boundi project in Congo continued to be a source of positive drilling news. In Asia, discussions with the Government of Pakistan on the revised Chachar development plan are at an advanced stage.

Plans are also ongoing for further developments in Gabon, Congo, Namibia, Bangladesh and the UK.

Exploration

The Company participated in eight exploration wells in the six-month period, of which five were discoveries leading to further testing and/or appraisal. Our exploration programme is continuing, with a over 10 wells either in progress or due to be drilled before year end

Group Strategy

The assimilation of Energy Africa into the Tullow Group has created a balanced group with an exciting portfolio of opportunities. Following the acquisition, the Board has reviewed the strategic direction of the Group with a view to maintaining the growth shown in recent years and to maximise shareholder return, through a combination of the following:

--Production-led exploration and reserve enhancement

Our priority continues to be the optimisation of the performance and reserve potential of the enlarged Group's producing interests. Recent exploration and development successes in Gabon and Congo in particular are evidence of the rich potential of these assets.

--High impact exploration

We will maintain an active portfolio of material exploration prospects with significant equity participation. We will utilise our collective knowledge and experience, in West Africa in particular, to continue to gain access to new prospects and projects.

--Acquisitions

Given the increased scale of the Group, and our future targets and ambitions, growth objectives are unlikely to be satisfied through organic means alone. We will therefore continue to follow a policy of focused acquisition within core areas.

Board and Senior Management

In July, David Bamford was appointed to the Tullow Board as an independent non-executive Director. David has over 23 years exploration experience with BP, most recently as Vice President, Exploration, directing BP's global exploration programme.

The Energy Africa transaction has necessitated a number of changes to the management and organisation of the Tullow Group. In this regard, I am delighted to announce the appointment of Adrian Nel to the Board of Tullow in the role of Exploration Director. Adrian has been Technical Director of Energy Africa since its formation in 1996 and was previously General Manager of Engen's oil and gas business. He has been active in exploration in both technical and managerial roles for over 30 years and holds degrees in geology and geochemistry.

I am also pleased to announce the appointment of Paul McDade as Chief Operating Officer. Paul's role will principally focus on optimising the performance of the Group's producing interests worldwide. Paul joined Tullow in 2001 and has most recently been General Manager of the Group's UK operations. Paul has significant production and development experience in both the UKCS and internationally.

John Lander retired from the Board in April, however he will continue to undertake consulting projects with Tullow in the future. Also in April, Eskandar Maleki retired from his position as non-executive Director.

Dividend

Tullow's policy is to maintain a progressive dividend policy, which is sustainable in the context of the Group's exploration and development expenditure obligations and the overall resource price environment. Accordingly, the Board has recommended an Interim Dividend of 0.5 pence/share which will be paid on November 9th to shareholders on the register on October 8, 2004.

Outlook

The remainder of 2004 and 2005 will see significant investment in development and appraisal projects, which we are confident will enable Tullow to demonstrate a rising production profile over the coming years. Our immediate outlook is well supported by favourable oil and gas prices, financial flexibility and strong production which we anticipate will be in the order of 53-54,000 boepd for the second half of 2004.

Conclusion

The Energy Africa team is now an integral part of the Tullow Group and I would like to thank all our staff, in both businesses, for their part in ensuring a smooth and positive integration. Progress in the three months since completion has been considerable, with interests increased in selected acreage, development plans for proven discoveries advanced and a series of positive drilling results achieved. I also thank shareholders for their continued commitment and in particular their enthusiastic support for the recent acquisition.

Pat Plunkett

Chairman

September 13, 2004

CHIEF EXECUTIVE'S REVIEW

The most significant event during the period was the acquisition of Energy Africa, which was completed in late May.

Acquisition of Energy Africa Limited

In May, Tullow made an offer for the entire issued share capital of Energy Africa for a headline consideration of US$500 million (approximately GBP 280 million). In conjunction with this, Tullow acquired 50% of Energy Africa Gabon Holdings Ltd (EAGHL) for a consideration of $70 million, thereby increasing the Group's stake in EAGHL to 100%.

Energy Africa is a very successful exploration and production company based in South Africa, with a major presence in the key African basins. The company has an excellent technical team based in Cape Town and a substantial geological database on Africa and we are delighted that Adrian Nel, the head of that team, has agreed to join the Tullow Board as Exploration Director.

The benefits of the acquisition and the Company's focus on its core areas have already started to show results. In the six-month period we have participated in five successful exploration wells, commenced three major developments and carried out a number of reserve enhancement projects which have resulted in Tullow's net African production increasing from c.25,000 boepd on January 1, 2004 (pro-forma) to approximately 29,000 boepd at present. In addition, we have signed a Joint Development Agreement for the exploitation of the Kudu gas field (Tullow 90%) offshore Namibia.

Operating Performance

UK Core Area

Tullow continues to develop and extend its presence in the Southern Gas Basin. During the period Tullow increased its interests in the Orwell gas field and the Blythe discovery to 100% and in the Fizzy discovery to 75%, participated in the successful Monroe exploration well (Tullow 15%) and progressed the operated Horne and Wren development (Tullow 50%) to the point of project sanction. More recently, negotiations have concluded in relation to the transportation and processing of gas from ExxonMobil's Arthur development through the Thames infrastructure (Tullow 66.67%). Further third party business in this area is being actively sought, while a feasibility study in relation to the use of the Hewett Reservoir as a major gas storage facility has also been initiated. When Horne and Wren come on stream in 2005, Tullow will be operator of over half of its daily SNS production, which is at present in the range of 110-115 mmscfd. It is our intention, where possible, to manage this production to benefit from periods of higher gas demand and pricing.

Tullow maintains an active exploration programme in the SNS; the P4 (Zeta) well, adjacent to the planned Horne/Wren infrastructure, is currently in progress, while the West Boulton well in the CMS area (Tullow 30%) has also been approved for a 2004 spud.

Tullow, through its acquisition of Energy Africa, also now holds interests in the producing Alba (Tullow 8%) and Caledonia (Tullow 10%) fields, which are currently producing 6,000 bopd net to Tullow. The Alba Extreme South development is currently in the final stages of completion, with production imminent; this project will have peak production of over 35,000 bopd (gross) and enhance recoverable reserves by over 15 mmbo (gross).

Africa Core Area - Producing Regions

Cote d'Ivoire: The Espoir field (Tullow 21.33%) continues to produce steadily at approximately 20,000 boepd (gross). During the period the West Espoir development received project sanction and development contracts were signed and first oil is now scheduled for Q2 2006. The Joint Venture agreed an incremental infill drilling programme on East Espoir to enhance existing production levels, with drilling planned for early 2005.

The Acajou North exploration well (Tullow 24%) will spud in October. Following this well, development options for the existing Acajou-1 discovery will be evaluated.

Two new operated exploration licences were signed in May 2004. Exploratory seismic surveys will be conducted over Blocks CI-107 and CI-108 (Tullow 100%) during the next year.

Equatorial Guinea: The Ceiba field (Tullow 15%) currently produces approximately 40,000 bopd (gross) following a water injection programme to re-pressurise the reservoir. Development drilling continued during the period with 1 injector well and 2 producer wells completed. The Northern Block G Development (Tullow 15%) project received Government approval in August and is scheduled to come on stream in early 2007 with gross production expected to reach approximately 60,000 bopd (c.8,500 bopd net to Tullow).

An additional exploration well on the Akom North target in Block G will be drilled in the final quarter of this year. If successful this prospect, along with a number of other undeveloped discoveries in the Block, could be incorporated into the ongoing Northern Block G development.

Gabon: Tullow has identified Gabon as a region where significant organic and acquisition-based opportunities exist. The Group participates in 6 producing fields in Gabon, which are currently producing in excess of 15,500 bopd net to Tullow.

In recent months the Group has also participated in a number of successful appraisal and stepout exploration wells, most notably on the Etame (Tullow 7.5%) and Niungo (Tullow 40%) fields. A successful exploration well Avouma-1 was drilled on the Etame permit, where Tullow has an option to participate in the event of a commercial development. Tullow also recently agreed to acquire a 15% working interest in the Gryphon Marin exploration permit, where an extensive 3D survey will shortly commence.

The Topaze-1 well on the Kiarsseny Marin licence (Tullow 45%) was drilled in February 2004, but did not encounter commercial quantities of hydrocarbons. Data from this well is currently being integrated with Tullow's enlarged Gabon database to determine future drilling plans for the licence.

Congo (Brazzaville): In February 2004, Energy Africa acquired an 11% stake in the M'Boundi Field for an initial consideration of $50 million. Recent announcements by the operator in relation to additional production and reserves show that this has already proved to be a very worthwhile transaction. The field is currently producing approximately 2,500 bopd net to Tullow and development work is continuing with 3 rigs currently active.

Elsewhere in Congo, the N'Kossa project (Tullow 4%) is currently producing 1,400 bopd (net), while the recent MOBIM-1 exploration well has discovered significant additional reserves, which have further enhanced the commercial viability of the nearby Moho-Bilondo complex (Tullow 4%), where a formal development decision is anticipated in early 2005.

Namibia: Agreements were signed in early July between Energy Africa, NamPower and Eskom in relation to the development of the Kudu gas to power project (Tullow 90%). Kudu is a project of critical strategic importance for Namibia and the Southern African region. Financial advisers have recently been appointed by the joint venture and we look forward to substantial progress over the coming months.

Africa - Exploration Interests

Uganda: The Turaco-2 well in Block 3 (Tullow 50%) encountered a number of hydrocarbon-bearing zones. However due to technical difficulties the testing programme could not be completed. Turaco-3 will be drilled in October to further investigate these zones with an upgraded rig.

In recent months Tullow has signed two further licences in Uganda and completed a seismic programme on Block 2 (Tullow 50%) to evaluate a number of sizeable structures. This Block will be the subject of further exploration work during 2005.

Egypt: The Amethyst-1 well on the Matruh Onshore and Offshore licence (Tullow 20%) was spudded on August 19th and is currently in progress.

Mauritania: The Dorade-1 well, to test a sizeable prospect on Block 2 (Tullow 20%), has recently commenced. This well, which is part of a wider regional drilling programme being conducted by the operator, will be drilled in two stages over the coming month. A further well, on the Petrel prospect on Block 1 (Tullow 32%), is scheduled for early 2005.

Morocco: The Rak-1 well (Tullow 10%) in the Cap Draa offshore licence was completed in July but failed to encounter hydrocarbons. The well has consequently been plugged and abandoned.

Tullow and partners are currently evaluating the results of the well to assess its impact on other prospects and licences in the region.

South Asia Core Area

Pakistan: The Sara and Suri wells (Tullow 38.18%) produced at an average rate of 6 mmscfd net to Tullow during the period. A 3D seismic programme to identify additional development drilling targets in the region has recently been completed and a prospect will be selected for a well in late 2004.

Elsewhere in Pakistan, discussions are at an advanced stage with the Government for the initiation of the Chachar development (Tullow 75%). The schedule is currently being finalised with a view to achieving first production in early 2006 at a rate of 30 mmscfd (gross).

Bangladesh: The three well drilling programme in Bangladesh Block 9 (Tullow 30%) started in December 2003. Although the first well, Rasulpur, was not successful, the second well, Lalmai, tested gas and is suspended for future appraisal and likely development. The third well, Bangora, is currently suspended due to abnormal seasonal flooding and, while encouraging gas shows have been encountered, the well has not yet been tested. Plans are well advanced to resume operations at Bangora before the end of September.

India: Existing seismic and well data for Block CB-ON-1 (Tullow 50%) are being evaluated with a view to conducting a seismic acquisition programme in 2005.

Financial Review

Tullow maintained strong financial performance during the period, bolstered by the inclusion of results of Energy Africa following completion of the acquisition in late May.

Turnover has thus increased by 16% to GBP 76.5 million (2003 - GBP 66.0 million), while Operating profit before Exploration Activities has increased by 32% to GBP 30.9 million (2003 - GBP 23.4 million).

Due to the timing of the Energy Africa acquisition, the principal contributor to turnover for the period continues to be Tullow's Southern North Sea gas interests, which represented 68% of revenue (2003 - 87%). During the period, SNS gas sales averaged 110 mmscfd at an average price of 23.0p/therm (2003 - 20.8p/therm), while tariff revenue reached GBP 5.7 million (2003 - GBP 5.6million). The balance of turnover from existing activities was for the most part represented by the Espoir field in Cote d'Ivoire which averaged 3,800 boepd net during the first half (2003 - 3,100 boepd). This project also benefited from the continued strength in global oil prices, with realisations averaging $34.2 (pre-hedging)/barrel (2003 - $26.4/barrel).

Owing to revised crude oil lifting arrangements among the Espoir partners, at June 30th Tullow was in a technical overlift position in respect of 86,342 barrels, although this has since entirely reversed. Under the SORP, any overlift or underlift position must be valued at market value and as adjusted through Cost of Sales. Consequently a charge of GBP 1.5million has been included in Cost of Sales representing the market value of the overlifted oil at June 30th. The unpredictability of lifting schedules also impacted on Energy Africa results for the month of June, with no liftings from the Tchatamba and Etame fields in Gabon or the Ceiba field in Equatorial Guinea. This impacted adversely on Energy Africa turnover for the month of June, although Cost of Sales for the month benefits from a related deduction of GBP 2.7 million reflecting the market value of the resulting underlift. Energy Africa's operations in Gabon are a combination of PSC interests (Production sharing contracts where a proportion of the production is shared with the host Government instead of tax) and corporation tax paying interests. As both the Tchatamba (Tullow 25%) and Etame interests are structured as PSCs, the absence of turnover in June resulted in a disproportionate effective charge to taxation within the Energy Africa interests for that month only.

Consolidated Group Operating Costs of GBP 4.00/bbl (2003 - GBP 4.22/bbl) reflect the continued shift of UK production to the lower operating cost CMS area, which represented 49% of UK Production during the period (2003 - 46%), and the lower cash operating cost of the Energy Africa portfolio.

The Consolidated Group Depletion and Amortisation charge of GBP 4.31/bbl (2003 - GBP 4.40/bbl) principally reflects the inclusion of Horne and Wren reserves and costs in the calculation in respect of UK interests. Looking forward, the fair value allocation exercise in respect of Energy Africa, which is outlined in more detail below, is also expected to have a material impact on the Group per unit charge.

Exploration Costs

Tullow participated in a total of 8 exploration wells during the period of which 5 encountered hydrocarbons that justify further appraisal or immediate development. Exploration costs written off during the period of GBP 4.4 million (2003 - GBP 5.8million) are mainly associated with the unsuccessful well in Bangladesh (GBP 1.7 million), the uncarried portions of the Topaze-1 well in Gabon and Rak-1 well in Morocco (GBP 1.5million) and various pre-licence and new venture costs (GBP 1.0 million).

The second half of 2004 will see an accelerated drilling programme on the Group's interests; under Tullow's successful efforts accounting policy any costs associated with unsuccessful exploration will be written off in full.

Energy Africa- Completion of acquisition and Fair Value allocation exercise

Tullow's proposed Offer for Energy Africa was announced on May 4, 2004 and shareholders approved the offer and the related issue of new Tullow shares at an EGM held on May 27th . Energy Africa shareholders could elect to receive cash or Tullow Shares; the cash consideration under the Offer was funded partly by new debt facilities and partly by the issue of 130,000,000 new Tullow shares at a price of 95 pence per share. An additional 132,973,351 shares in Tullow were issued to electing Energy Africa and EAHGL shareholders.

Under FRS 7, Tullow is required to undertake a fair value exercise to determine the values to be attributed to the acquired assets within the Tullow Balance Sheet. While the value is chiefly determined by the cash value of the consideration paid by Tullow and Energy Africa's aggregate net assets/liabilities, excluding oil and gas assets, certain other factors, principally relating to the mark to market value of Energy Africa's outstanding hedge contracts and the market value of the new Tullow shares issued, must also be taken into account.

The fair value allocated to the acquisition of Energy Africa may be summarised as follows:

$ million  GBP  million
 Book value of oil and gas interests              346.5         189.0
 Market value of hedge contracts                  (51.8)        (28.3)
 Other net liabilities                            (82.5)        (45.0)
 Fair value adjustment                            389.0         212.2
 Total acquisition cost                           601.2         327.9

Because the majority of Energy Africa's assets comprise oil and gas interests, the entire allocation of fair value, as calculated above, is therefore allocated to these assets and is included under the tangible and intangible assets heading. In common with existing Tullow assets, the costs capitalised in respect of producing fields will be amortised to the profit and loss account using the unit of production method (on an entitlement basis) as the related reserves are produced or, where they relate to exploration assets, capitalised or written off in accordance with the Group's successful efforts accounting policy. Based on the fair value exercise and current production and reserves mix the total average depreciation, depletion and amortisation rate for Energy Africa assets is approximately $9.75 - $10/barrel.

Taxation

The charge to tax of GBP 12.6 million (2003 - GBP 8.2 million) is principally associated with the Group's North Sea Activities. In particular the strong reserve and production performance of the Murdoch and Murdoch K fields in the CMS area, coupled with the recent material increases in UK Gas pricing has led to an increase in the Group's PRT charge to GBP 5.5 million (2003 - GBP 3.3 million). In addition, the majority of Energy Africa assets are PSCs and, as explained above, the effect of PSCs can result in a disproportionate effective tax rate. Because of lower PSC revenues due to no liftings occurring for the Tchatamba, Etame and Ceiba fields during June as well as exploration expenses on PSC licences, an increased effective tax rate occurs.

Cash Flow and Financing Activities

Tullow recorded an Operating Cash Flow of GBP 57.5 million during the period (2003 - GBP 46.2million) driven principally by stronger oil and gas pricing. Capital Expenditure during the period amounted to GBP 28.0 million (2003 - GBP 23.3 million), largely reflecting costs associated with exploration in Bangladesh and the UK and Development costs associated with the CMS III and M'Boundi projects.

Repayments totalling GBP 33.3 million (2003 - GBP 7.8 million) were also made under Group Banking Facilities, exclusive of the funding associated with the Acquisition of Energy Africa.

During the period the Group concluded a $300 million Acquisition Bridge Financing Facility, arranged by ABN AMRO and BNP Paribas. This facility was principally used to finance the cash component of the consideration paid to acquire Energy Africa and to replace existing debt within Energy Africa. Total drawings on the facility at June 30th amounted to $237 million.

Hedging and Risk Management

Tullow's policy is to mitigate its exposure to oil and gas price risks for a portion of its production using a range of financial instruments such as fixed price swaps, participating swaps, zero cost collars, and option structures. Tullow also hedges price risk through forward sale agreements for physical product at fixed prices. The main objectives of the hedging programme are to reduce exposure to price volatility, and particularly downside risk, and to provide substantial assurance of appropriate levels of liquidity for the Group's various investment opportunities.

Historically such hedging has principally been effected by way of physical forward sale agreements, with some limited utilisation of financial instruments. However in recognition of the continued strength in oil and gas pricing, during 2004 the Group has sought to increase utilisation of collar and other participating structures to retain exposure to higher prices should they occur.

At June 30th, the Group's hedge position may be summarised as follows:

Oil Hedges                          2H 2004         2005         2006
       Volume - bopd                17,000        10,500        7,000
       Average Price* - $/bbl        $31.2         $33.8        $31.1
       Downside Price** - $/bbl      $26.7         $28.2        $26.4

Gas Hedges
       Volume - mmscfd                  61            30            -
       Average Price* - p/therm       23.1          26.5            -

* Average hedge prices are based on market prices as at September 8th.
** Downside hedge prices reflect floor price protection.

Conclusion

The year to date has been extremely active for Tullow and the entire independent oil and gas sector. The acquisition of Energy Africa has provided Tullow with an outstanding portfolio of assets and an excellent team which superbly complements our existing business. I look forward to the coming year with confidence and optimism.

Aidan Heavey

Chief Executive

September 13, 2004

Notes for Editors

"Tullow" where referred to in this release means Tullow Oil plc and/or its subsidiaries, as appropriate.

Tullow Oil plc is one of the leading independent international oil & gas exploration and production companies in Europe. Tullow is quoted on the London and Irish stock exchanges (symbol TLW) and is a member of the FTSE 250 Index.

Production and Development Assets

Tullow has interests in over ninety exploration and production licences spread over three core areas: UK North Sea, West Africa and South Asia. Tullow recently completed the acquisition of Energy Africa, which takes the number of countries in which Tullow is active to sixteen.

In the North Sea, Tullow's principal interests are in the CMS and the Thames/Hewett group of licences and the Bacton onshore gas-processing terminal on the Norfolk coast, which it operates.

In Africa, Tullow has production in Gabon, Cote d'Ivoire, Congo (Brazzaville) and Equatorial Guinea. Tullow also has exploration programmes in Morocco, Mauritania, Senegal, Cameroon, Uganda and Egypt. Tullow has interests in 15 licences in Gabon. Net production attributable to the Group's Gabon interests currently averages over 16,000 bopd.

In South Asia, Tullow has production and exploration interests in Pakistan and exploration activities in India and Bangladesh, where a three well drilling programme is under way in Block 9.

For further information see www.tullowoil.com

For tabular information please contact Taylor Rafferty at 212-889-4350.