AGM Statement

Tullow Oil PLC
31 May 2006


News release


Tullow Oil plc - Annual General Meeting


31 May 2006 - At today's Annual General Meeting Tullow Chairman, Pat Plunkett,
              made the following statement:


During 2005, Tullow continued to report strong growth and financial performance.
Over the last few years the Group has steadily developed a balanced exploration
and production portfolio based on its three Core areas, each of which has both a
rising production profile and significant exploration and development upside.
The performance of our assets, combined with the ongoing strength of UK gas and
global oil prices has allowed us to invest substantially in our business whilst
simultaneously increasing returns to our shareholders in the form of dividends.


In the UK, Tullow's Southern Gas Basin ('SNS') business grew significantly in
2005. Key events during the year were the acquisition of the Schooner and Ketch
assets, the completion of the operated Horne and Wren development and the
drilling of 3 successful exploration wells. In 2006 we have brought on stream
the first of our planned redevelopment wells on Schooner and Ketch and
participated in two new exploration discoveries on the Humphrey and Cygnus
prospects. These advances show that Tullow's focused approach can continue to
deliver value in a mature basin such as the SNS.


Tullow's African oil interests also continue to perform well. During 2005,
overall production in Africa rose to over 35,000 bopd and the Group achieved
organic reserves replacement of over 200%, mainly through the exceptional
performance of infill drilling programmes in Gabon and Equatorial Guinea.  2006
will see first oil from important new developments including West Espoir in Cote
d'Ivoire and Okume in Equatorial Guinea in addition to ongoing development and
production enhancement work in Gabon and Congo (Brazzaville). Tullow continues
its active exploration programme in Africa, where, following three successful
exploration wells to date in 2006,  the ongoing exploration and appraisal of the
Albertine Graben in Uganda has potential to establish a new world class oil
province in this underexplored area. Preparations are also in progress for
appraisal drilling to commence on the Kudu gas field in Namibia in early 2007 to
test the significant additional reserve potential of the field.


In Asia, Tullow has interests in India, Pakistan and Bangladesh, and in each
case the investments of 2005 are already showing returns. In Bangladesh, we are
now producing 50 mmscfd from the Bangora-1 well, supplying important additional
gas to the regional market. In addition, Tullow has embarked on an extensive
appraisal programme on the Bangora-Lalmai anticline, where material additional
reserve potential has been identified. In Pakistan the fourth quarter of 2006
will see first gas from the Chachar development, while in India seismic
operations on the CB-ON-1 Block are already providing significant encouragement
for a multi-well drilling programme in early 2007.


A more detailed review of operations will be provided in our pre-close period
Trading Statement and Operational Update in July 2006.


In conjunction with the ongoing investment in our assets, Tullow has also
continued to develop its staff, Board and Management. In March 2006 Paul Mc
Dade, Chief Operating Officer, was appointed to the Board of  Tullow and today I
am delighted to announce the appointment of David Williams as a non-executive
Director with effect from 1 June. David brings a wealth of public company
experience to the Group from 15 years with Bunzl plc, the last 5 years as
Finance Director and more recently as non-executive director of The Peninsular
and Oriental Steam Navigation Company until its recent acquisition and George
Wimpey plc, where he is the Senior Independent Director.


While we have been fortunate in attracting outstanding individuals to help the
Group continue its growth, today also brings the retirement of our Exploration
Director, Adrian Nel, one of the most senior and respected explorers in our
industry. While we are naturally sad to see Adrian go, and wish him well in his
retirement, we are delighted that he has assisted us in identifying and
recruiting his successor, Angus McCoss, who joined Tullow in April as General
Manager Exploration.


Tullow's long term objective is to continue to build its business across each of
its core areas through a mixture of exploration, development, acquisition and
portfolio management. While the current environment for independent oil and gas
companies is a competitive one, the Group continues to identify and have access
to attractive opportunities. Performance to date in 2006 has been encouraging
and I look forward to reporting further progress as the year unfolds. I would
like to thank shareholders and employees for their continued support of the
business.


Pat Plunkett


31 May 2006


For further information contact:


Tullow Oil plc                      Citigate Dewe Rogerson              Murray Consultants

([phone])                  ([phone])                  ([phone])

Aidan Heavey                        Martin Jackson                      Joe Murray

Tom Hickey

Paul Mc Dade



Notes to Editors


Tullow is a leading independent oil and gas, exploration and production group,
quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a
constituent of the FTSE 250 Index. The Group has interests in approximately 90
production and exploration licences in 15 countries and focuses on three core
areas: NW Europe, West Africa and South Asia.


Tullow's NW Europe interests are primarily focused on gas in the UK Southern
North Sea where it has significant interests in the Caister-Murdoch System and
the Thames/Hewett areas.  Tullow operates 60% of its production from these
areas.


In Africa, Tullow has production, development and exploration interests in
Gabon, Cote d'Ivoire, Congo (Brazzaville) and Equatorial Guinea and a large
field development programme in Namibia. Tullow also has exploration programmes
in Mauritania, Senegal, Cameroon, Madagascar, Uganda and Angola.


In South Asia, Tullow has exploration and production interests in Pakistan and
Bangladesh and exploration activities in India.


For further information please refer to our website at www.tullowoil.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange