Trading Statement

Tullow Oil PLC
23 January 2008



Tullow Oil plc - Trading Statement and Operational Update


23 January 2008 - Tullow Oil plc ('Tullow') issues this Trading Statement in
respect of its financial year to 31 December 2007 and this Operational Update in
respect of recent Production, Development and Exploration activities.

The Trading Statement is in advance of the Group's Full Year Results, which are
scheduled for release on Wednesday, 12 March 2008. The information contained
herein has not been audited and is subject to further review.


HIGHLIGHTS

Exploration


•  In 2007 the Group drilled 16 exploration wells, nine of which discovered 
   hydrocarbons.

•  World-class Jubilee field (formerly known as Mahogany and Hyedua) discovered
   offshore Ghana in 2007. Accelerated appraisal of 1.3 billion barrel
   potential has commenced.

•  Ghana Exploration/Appraisal Campaign - two rigs contracted to drill up to 
   seven wells, the first exploration well, Odum, commenced on 22 January.

•  Uganda - Ngassa well now expected to reach target depth in late March
   following operational and logistical delays.

•  Uganda - Butiaba multi-well programme to commence in March on the
   Taitai prospect.

Production and Development

•  Working interest production averaged 73,100 boepd for 2007, 13%
   higher than for the same period in 2006.

•  Jubilee field development studies under way to ensure earliest first
   production.

•  Significant progress made towards sanction of Ugandan EPS targeting
   first oil in 2009.

•  Gross production from Equatorial Guinea assets exceeded 100,000 bopd
   for the first time on 17 January 2008.

•  Working interest production for the Group is expected to average
   between 70,000 and 74,000 boepd in 2008.


Commenting today, Aidan Heavey, Chief Executive of Tullow said:

'During 2007, Tullow experienced a transformational change in its business
driven by exceptional exploration success and supported by strong oil and gas
pricing. Our priority for 2008 is to appraise both the Jubilee field in Ghana
and the Lake Albert Rift Basin in Uganda while also testing the significant
exploration potential of our portfolio. Tullow has the potential to grow
substantially over the coming years and I believe we have the team, the assets
and the resources to achieve this.'


Conference Calls

In conjunction with this announcement Tullow has scheduled two conference calls.
Details are included at the end of the release.



Trading Statement


Production

Group working interest production for 2007 averaged 73,100 boepd, 13% higher
than the 2006 average. Sales volumes for 2007 averaged 62,600 boepd. A further
breakdown of these figures is provided in the Operational Update for each core
area.

Production figures remain subject to final reconciliation and do not equate to
sales volumes. This is due to variations in lifting schedules and because a
portion of the production is delivered to host governments under the terms of
Production Sharing Contracts.

Average working interest production for 2008 is expected to be between 70,000
and 74,000 boepd.


Realised Prices and Oil Discount

Average prices realised during 2007 continued to be strong, particularly for
oil. Realised oil price was approximately US$70/bbl (pre hedges) and US$63/bbl
(post hedges) and realised UK gas price was approximately 31p/therm (pre hedges)
and 38p/therm (post hedges).

The Group's oil production sold at an average discount of approximately 3% to
Brent during 2007, this level of discount is expected to continue in 2008.

The strong realised commodity prices and increased sales volumes is expected to
give total revenue for 2007 in excess of £620 million (2006: £579 million).


Overlift Position

At 31 December 2007, Tullow was in a net overlift position amounting to an
estimated 77,000 barrels. Movements in overlift positions are recorded at market
value and, combined with stock movements during the period, give rise to a
credit of approximately £1 million to Cost of Sales.


Chinguetti Impairment

Production performance from the Chinguetti field during 2007 was significantly
below expectations and following a review of reservoir performance, the ultimate
recoverable reserves are expected to be significantly downgraded when the
year-end reserves are released in March. As a result Tullow expects to record an
impairment charge to Cost of Sales of approximately £15 million.


Exploration Write-Off

Tullow's exploration write-off for 2007 is expected to be of the order of £55
million. This write-off comprises approximately £40 million associated with
unsuccessful exploration activities in the UK, Namibia, Ghana and Gabon, new
ventures activity and licence relinquishments. The remaining £15 million
write-off is in relation to a downgrade of Chinguetti contingent resources as at
31 December 2007. In addition to the impairment charge set out above, this
brings the total charge associated with Chinguetti to approximately £30 million.


Capital Expenditure

Tullow invested approximately £370 million in development and exploration
activities during 2007. This figure was less than earlier estimates due to
certain work programmes moving into 2008, most notably in Ghana and Uganda.
Based on current estimates and programmes, total capital expenditure for 2008 is
expected to amount to approximately £400 million. This investment will be evenly
split between production & development and exploration & appraisal activities.
Tullow's African activities are likely to account for approximately 75% of the
anticipated 2008 capital expenditure.


Portfolio Management

In order to direct investment towards projects with the greatest value potential
and to manage the Group's overall expenditure and funding position, Tullow has
identified a number of interests which may be considered for disposal or
farmout. During 2007 the Group disposed of its interest in the Ngosso permit in
Cameroon to MOL; this transaction remains subject to government approval.
Further transactions are under active consideration.


Net Debt

Net debt at 31 December 2007 was £480 million. The increase during the year was
principally due to drawdowns under the debt facility to partially fund the
Hardman acquisition which completed in early January 2007.


Derivative Instruments

At 31 December 2007 the Group's derivative instruments had a net negative mark
to market value of approximately £158 million.


Hedging - IAS 39

While all of the Group's commodity derivative instruments currently qualify for
hedge accounting, a charge of approximately £29 million (£20 million after
taxation credits) will be recognised in the income statement for 2007.
Approximately £22 million of the charge relates to the movement in the
non-intrinsic (or time value) component of both oil and gas hedges. The
unfavourable movement in the non-intrinsic element is largely due to the
movements in the oil and gas forward curves since the beginning of the year.
Brent forward oil prices and natural gas prices in the UK have risen
significantly and with prices trading close to the instrument strike prices more
value is conferred to the Group's hedge counterparties.

The IAS 39 charge also includes an amount of £6 million principally associated
with Foreign exchange contracts entered into as part of the completion
arrangements for the acquisition of Hardman Resources in January 2007.


Commodity Hedging Summary

At 16 January 2008 the Group's hedge position to the end of 2010 was as follows:


Oil*                                                        2008         2009          2010
Volume hedged (bopd)                                      19,300       11,000         2,000
Average price of hedged volumes ($/bbl)                     70.2         62.3          83.2

*Oil hedges include a Energy Africa legacy position of 4,000 bopd at $29.30
until end 2009


Gas                                                         2008         2009          2010
Volume hedged (mmscfd)                                      74.6         34.4          12.3
Average value hedged volumes (p/therm)                      49.8         48.2          52.1




Operational Update


1) AFRICA CORE AREA


Tullow's African production and development interests are in Gabon, Cote
d'Ivoire, Congo (Brazzaville), Equatorial Guinea, Mauritania, Namibia, Uganda
and Ghana. Tullow also has exploration interests in Mauritania, Gabon, Senegal,
Cameroon, Uganda, Angola, Tanzania, Madagascar, Ghana, Cote d'Ivoire and Congo
(DRC).

In 2007 Tullow continued to invest in its African producing and development
assets, with production averaging 40,300 boepd, a 21% increase from 2006. The
exploration programme has delivered significant success with world-class
discoveries in Uganda and Ghana.


Working interest production                     2007 Average (boepd)         Current Production (boepd)

Congo (Brazzaville)                             5,100                        4,100
Cote d'Ivoire                                   6,300                        6,800
Equatorial Guinea                               11,300                       12,600
Mauritania                                      2,800                        2,200
Gabon
    Tchatamba                                   5,200                        5,200
    Niungo                                      5,400                        5,200
    Other Gabon                                 4,100                        4,700
Africa Total                                    40,300                       40,800



World-class projects in Ghana and Uganda

In 2007 Tullow experienced material exploration success with the discovery of a
world class oil field offshore Ghana, the Jubilee Field (formerly Mahogany and
Hyedua), and further enhanced its understanding of the potentially billion
barrel Lake Albert Rift Basin in Uganda.  Each of these projects has the ability
to more than double Tullow's worldwide reserve base and contribute significantly
to the economies of the host countries.


Ghana

Tullow's portfolio in Ghana comprises three blocks covering both shallow and
deep water prospects.

The deep water acreage consists of the West Cape Three Points (Tullow 22.9%) and
Deepwater Tano (Tullow 49.95%) blocks. During 2007 two successful exploration
wells were drilled, Mahogany-1 (West Cape Three Points) and Hyedua-1 (Deepwater
Tano) The wells have yielded a substantial discovery which straddles the
boundary between the two blocks and has been named the Jubilee field.

Based on the drilling and technical work undertaken to date, the P90 recoverable
resources of the field are estimated at 170 million barrels, which exceeds the
commercial threshold for development. The ultimate upside potential of the
discovery is now estimated to be in excess of 1.3 billion barrels and an
accelerated appraisal programme is under way to establish the size of the field
and to gather data for development.

The first stage of the appraisal programme, which was carried out in late 2007,
comprised a new 900 sq km High Resolution 3D/4D survey over the entire
structure. The data from this survey will allow accurate well to seismic
correlation for reserves definition and for de-risking the exploration
potential.

The Jubilee field partners have agreed a programme of up to seven exploration
and appraisal  wells in 2008 for which two rigs have been contracted. The Songa
Saturn drillship started the work programme this week and a second rig, the
Blackford Dolphin semi submersible, will arrive in Q2 2008.

The first well is an exploration well on the Odum prospect in the West Cape
Three Points block. This well spudded on 22 January and is targeting a
stratigraphically trapped channel system to the east of the Jubilee field. On
completion of this well the rig will move to drill the first appraisal well,
Mahogany-2. The overall programme for these rigs will include a combination of
appraisal wells on the Jubilee field and exploration wells on prospects that
Jubilee has de-risked.

In parallel with the appraisal programme, development and operatorship options
are being evaluated with our partners and the government. Screening studies
indicate that the full field development scheme is likely to involve a large
FPSO with subsea wells. However all options are currently being screened and
alternatives that have the potential to fast track first production are also
being considered.

In addition to the deep water programme, an appraisal well was drilled on the
North Tano oil/gas discovery in the Shallow Water Tano licence in September.
Unfortunately this well did not find a reservoir sufficiently well developed to
warrant testing and it was plugged and abandoned.


Uganda

Tullow continues to experience material success in the Lake Albert Rift Basin
and in 2007 invested over $100 million in exploration and appraisal activities.
The understanding and confidence generated by our success to date has led to a
plan to invest over $200 million in the basin in 2008. This programme will
include onshore and offshore drilling, seismic surveys and the anticipated
sanction of an Early Production System.


Blocks 1 & 2 (Tullow 50% and 100%)

Onshore drilling activity is currently focussed on the high impact Ngassa well
which commenced in November. The extended reach well is being drilled under the
lake from the shore by the Nabors 221 rig. The well is targeting several
intermediate reservoirs and the primary objective at a depth of between 3,000
and 4,900 metres. Drilling operations were initially delayed by heavy rain which
slowed construction on the well site and subsequently technical difficulties
while drilling through a faulted zone of claystones in the upper section of the
well have further slowed progress. The well is currently at 1,400 metres and was
originally scheduled to take 110 days to reach the primary target. However,
these technical difficulties, combined with some supply disruptions resulting
from the unrest in Kenya, mean that the well is not now expected to reach the
primary target until late March.

In the Butiaba region of Block 2 and Block 1, onshore 2D seismic data is being
acquired. The Block 2 programme is 80% complete and has already identified
numerous prospects, some with amplitude effects characteristic of hydrocarbons.
These early results indicate considerably greater prospectivity in the Butiaba
region than in the adjacent Kaiso-Tonya area.  A light mobile rig has been
contracted and a drilling campaign of approximately eight wells will commence in
this region towards the end of Q1 2008. The first well to be drilled in this
programme will most likely be on the Taitai prospect (previously known as
Waki-2).

In the Kaiso-Tonya region, the Mputa/Nzizi appraisal drilling programme was
completed in December with the Mputa-4 well. The well proved the lateral extent
of oil bearing reservoirs across the region although pressure data from the
extended well test indicated some depletion over the test period. All of the
appraisal well data is now being integrated with the 3D seismic into an updated
geological model to refine reserve estimates and development planning
assumptions ahead of the anticipated sanction of the Early Production System in
2Q 2008.


Block 3A (Tullow 50%)

3D seismic dataset over the Kingfisher oil discovery and the offshore Pelican
prospect has been acquired and processed and is now being interpreted. The data
is being used to plan the Kingfisher-2 appraisal well which will commence
following the completion of the Ngassa well in Block 2. Early interpretation of
the Pelican prospect looks particularly encouraging with some good seismic
amplitude anomalies potentially indicative of hydrocarbons. A number of
additional offshore prospects have also been identified and will be the subject
of further technical work in advance of any decision to drill.


Africa Production and Development

Congo (Brazzaville)

Average gross production from the M'Boundi field (Tullow 11%) in 2007 was 46,500
bopd from 49 production wells. The optimisation of the field recovery initiated
by ENI, the new operator, continues and is already having a positive impact on
production decline and pressure support. Production for 2008 is expected to
increase from its current level of around 37,000 bopd, as new water injectors
are brought on line.


Equatorial Guinea

Performance from the Ceiba field (Tullow 14.25%) during 2007 exceeded
expectations with average gross production of 42,750 bopd due to better than
expected water injection performance, reservoir pressure management and subsea
pump uptime. Production in 2008 is expected to average approximately 37,000
bopd.

Since first oil from the Okume Complex (Tullow 14.25%) in December 2006, 15
production wells and five water injectors have been drilled. Production
performance, particularly from the Elon field, has exceeded expectations and is
currently producing 64,000 bopd from 13 producers. In 2008, 10 wells are planned
and the complex is expected to achieve an average annual production of over
60,000 bopd.

On 17 January 2008, the combined Okume and Ceiba flow rates through the
processing facilities exceeded 100,000 bopd for the first time.


Cote d'Ivoire

Gross production from both Espoir fields (Tullow 21.33%) is averaging 30,000
boepd and is expected to remain at this level through 2008. The West Espoir
drilling programme has continued ahead of schedule with three production wells
and one water injector completed in the latter half of the year. The next stage
in the development of the Espoir fields will be an upgrade of the FPSO
facilities handling capacity to be undertaken through 2008/9.


Mauritania

Gross production from the Chinguetti field (Tullow 19.01%) in 2007 averaged
14,900 bopd and is currently around 12,000 bopd, significantly below
expectations. Following a review of reservoir performance, ultimate recoverable
reserves are expected to be significantly downgraded.

A drilling campaign is due to commence on the field in April 2008 and will
include two new infill wells and three well interventions.  This work programme
is expected to increase production levels, improve the current gas-lift
capability and shut-off water-producing zones.

Ahead of the Chinguetti wells, in March, an appraisal well is planned in the
west of the Banda discovery to better assess the volumes of gas in the Banda
field that could be utilised in a commercial development, and to determine the
potential extent of the oil rim.


Gabon

Production from Gabon in 2007 averaged 14,800 bopd net and is currently over
15,000 bopd, supported by ongoing development activities in the Tsiengui,
Obangue, Oba and Onal fields.

Production from the Niungo (Tullow 40%) and Tchatamba (Tullow 25%) fields in
2007 exceeded expectations in 2007 with a combined production of some 10,600
bopd net to Tullow. Both fields continue to perform well.

Positive results were seen on a number of fields following selective workover
and debottlenecking activities: the Etame FPSO was modified to increase gross
production from the combined Etame-Avouma fields (Tullow 7.5%) to over 22,000
bopd and reperforation of Echira wells (Tullow 40%) has increased field
production to 1,800 bopd.


Africa Exploration and New Ventures

Namibia

The Kudu-8 appraisal well designed to test the Kudu East reservoir within the
Greater Kudu Field area was drilled to a total depth of 4,355m in September
2007.  The well encountered gas bearing sands on prognosis at 4,299m that were
thicker and cleaner than similar sands intersected in the nearby Kudu-5 well
drilled in 1998.

However, interpretation of wireline logs and core data indicated that the
reservoir would not flow at commercial rates. As a consequence it was decided
not to flow test the well, which was plugged and abandoned.

The result of the Kudu-8 well was a disappointment for both Tullow and its
partners in the project. Although more technical work is required to determine
the most appropriate future work programme, we remain committed to the Kudu
Gas-to-Power project and optimistic as to the potential for additional gas to be
discovered in the region.


Cote d'Ivoire

Exploration success at Jubilee in Ghana has opened a new play in Upper
Cretaceous turbidite sands. This new play and a previously discovered play,
comprising tilted Albian fault blocks (such as in the Espoir field and the East
Grand Lahou prospect in block CI-105), both extend throughout the West Africa
Transform Margin. Tullow has built up a strong position of nine licences along
these play fairways, three in Ghana and six in Cote d'Ivoire, and expects to be
drilling in both plays during 2008.

Tullow signed a PSC over Block CI-102 (Tullow 31.5%) in December 2007.  This
block is prospective in both plays. Further opportunities in this exciting area
are under review.


Mauritania

Exploration activity offshore Mauritania will re-commence in February, when the
Khop well (Tullow 22.42%) in Block 6 will commence. This well is targeting
Cretaceous reservoir intervals, and is potentially more material than the
shallower Miocene plays previously drilled in the region. State of the art
seismic acquisition and processing will allow Tullow to drill deeper wells
targeting these Cretaceous plays. In 2008 this work includes a 3D seismic survey
straddling Block 1 and the St Louis block in Senegal as well as reprocessing of
seismic data acquired across Blocks 2 and 7.


Gabon

The M'Pano-1 exploration well in the Nziembou permit (Tullow 40%) found an
excellent quality reservoir but was unfortunately dry. Technical work is ongoing
on the three Tullow-operated offshore exploration licences, Azobe, Kiarsseny and
Akoum, with the drilling campaign postponed to 2009. In addition, other
potentially attractive exploration opportunities are being examined with a view
to expanding our exposure to opportunities onshore Gabon.


Cameroon

In early 2007, following a comprehensive analysis of the remaining prospectivity
in the Ngosso concession offshore Cameroon (Tullow 40%), Tullow took a decision
to dispose of this asset. A Sale and Purchase Agreement, which is subject to the
consent of the government of Cameroon, was signed with the Hungarian company MOL
in November 2007.



2) EUROPE CORE AREA

Tullow's producing interests in Europe lie in the Southern Gas Basin of the UK
North Sea. In addition Tullow also has offshore exploration interests in the
Netherlands and Portugal.


Working interest production(1)                      2007 Average (boepd)      Current Production (boepd)


CMS Area                                                   15,600            17,500
Thames-Hewett Area                                         12,900            12,000
UK Total                                                   28,500            29,500

(1) Includes condensate



Europe Production and Development


UK

During 2007, UK net production averaged 27,000 boepd, 4% lower than 2006. This
reduction was primarily a result of delayed completion of redevelopment wells
within the Ketch field. Current production performance from the Thames-Hewett
area and the CMS assets has been in line with expectations.

In the Thames-Hewett area, the development of the Tullow-operated Wissey
discovery (Tullow 62.5%) in Block 53/4d is ongoing. The pipeline has been laid
and drilling is currently in progress on the single sub-sea well which will be
tied back to the Horne and Wren platform is currently drilling.  First gas is
planned for August 2008.

On the Hewett Complex, an appraisal-development well targeting a deep
Rotliegendes reservoir in the Hewett main field is planned for the second half
of 2008. Tullow also plans to complete the conversion of the Hewett complex to a
not-normally-manned facility thereby continuing to control operating costs at
this mature field.

In the CMS Area, the Kelvin field (Tullow 22.5%) came on stream on 15 November
at 135 mmscfd, significantly ahead of expectations and only two years after the
original discovery.  The new wells on Schooner (Tullow 90.35%) and Ketch (Tullow
100%) have continued to produce strongly and a future drilling programme is now
under review.

Average production from the UK in 2008 is expected to be in the range 23,000 to
27,000 boepd; further investment in additional programmes with the potential to
increase these levels will be based on a number of factors including the
underlying field performance and the wider gas pricing environment.



Europe Exploration and New Ventures


UK

The Doris exploration well in the Hewett Unit Area is scheduled to commence
drilling in February 2008. This undrilled tilted fault block will target
Rotliegendes sandstones, akin to the producing interval in the D-Fields within
the Hewett Unit. If successful, it is anticipated that first gas can be achieved
during 2008. Acquisition of a 300km 2D seismic survey is also planned
immediately south of the Hewett Unit in May this year as part of the work
programme agreed for 24th Round blocks.


Netherlands

Following the award of block E13, Tullow have made applications for a further
five blocks on the same trend. Three blocks have been awarded to Tullow, and we
anticipate acquiring an operated position in two further blocks via post-award
licence assignments. Work on these blocks in 2008 will focus on seismic
reprocessing and interpretation.


Portugal

Tullow has interest in three blocks in the undrilled Alentejo Basin (Tullow 80%)
off the southwest coast of Portugal. A detailed seismic infill programme across
the acreage is planned for 2008, and a 3000 km 2D seismic survey is scheduled to
commence in late May.



3) SOUTH ASIA CORE AREA


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


Working interest production                      2007 Average (boepd)     Current Production (boepd)
Pakistan                                                 1,000                       2,000
Bangladesh                                               3,300                       3,500
South Asia Total                                         4,300                       5,700



South Asia Production and Development


Bangladesh

Gross production from the Bangora/Lalmai field (Tullow 30%) is currently steady
at 70 mmscfd.  The second phase of development has commenced and will involve
the upgrading of the Bangora processing facility and the tie-in of the Bangora-3
production well. This work is scheduled to complete in Q3 2008 and is expected
to increase gross production to 100 mmscfd.


Pakistan

Gas production from the Chachar field (Tullow 75%) commenced in August 2007 at a
rate of 23 mmscfd.  A mechanical problem has restricted production from one of
the wells however remedial work and further wells are planned to increase
production in 2008.


Compression facilities were installed at Sara/Suri and will extend the field
production life.



South Asia Exploration and New Ventures


Pakistan

A one-year extension has been granted on the Kohat Block (Tullow 40%). Two
material drillable prospects have been defined and it is now envisaged that
drilling will commence in Q3 2008. Geological fieldwork has commenced on the
Kalchas Block (Tullow 30%) and plans are being finalised to commence seismic
operations.


India

A rig has been secured to drill three firm and three contingent wells on Block
CB-ON/1 (Tullow 50%) in India.  The wells will target a range of different play
types within the rift basin and are scheduled to commence in early Q2 2008.



4) SOUTH AMERICA CORE AREA


In the West Atlantic, Tullow has exploration interests in Suriname and French
Guiana and continues to negotiate Production Sharing Contracts for two key
blocks offered in Trinidad's 6th exploration licensing round.



South America Exploration and New Ventures


Trinidad

Tullow are currently negotiating Production Sharing Contracts on two blocks
offered in Trinidad's sixth exploration licensing round, Block 2a/b (Tullow
32.5%) and the Guayaguayare Block (Tullow 65-80%). It is anticipated that these
contracts will be finalised during Q2 2008.


Suriname

The Uitkijk (Tullow 36.5%) drilling programme was completed in Q4 2007. Oil was
encountered in three of the five wells drilled and results are being evaluated
before continuing with the next phase of the drilling programme.


French Guiana

French Guiana's sole offshore licence (Tullow 77.5%) contains the large Matamata
prospect. A CSEM programme was conducted in the Block during 2007 and planning
for a deep-water exploration well, towards the end of 2008, continues. Due to
the materiality of the prospect and potentially significant well costs Tullow
may seek to farmout equity prior to drilling.



Summary of Planned First Half 2008 Exploration and Appraisal Activity

Country              Block                Prospect                Interest           Spud Date

Uganda               Block 2              Ngassa                  100% (op)          In progress
Ghana                WCTP                 Odum                    22.9%              In progress
UK                   48/30a               Doris                   51.8% (op)         February 2008
Mauritania           Block 6              Khop                    22.4%              February 2008
Ghana                WCTP                 Mahogany-2              22.9%              March 2008
Uganda               Block 2              Butiaba campaign        100% (op)          March 2008
Mauritania           Block 4B             Banda NW                22%                March 2008
India                CB-ON/1              3-well campaign         50.0%              April 2008
Uganda               Block 3A             Kingfisher-2            50%                Q2 2008
Ghana                Deepwater Tano       Hyedua-2                49.95% (op)        Q2 2008
Ghana                WCTP                 Mahogany-3              22.9%              Q2 2008



                                      ENDS




                        FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc                     Citigate Dewe Rogerson              Murray Consultants
([phone])                 ([phone])                  ([phone])
Aidan Heavey                       Martin Jackson                      Joe Murray
Tom Hickey                         Kate Delahunty
Chris Perry                        George Cazenove



CONFERENCE CALLS

Conference calls hosted by Aidan Heavey (Chief Executive), Paul McDade (Chief
Operating Officer), Angus McCoss (Exploration Director) and Tom Hickey (Chief
Financial Officer) will be held today at 09:30 (GMT) and 15:00 (GMT):



09:30 UK/European Conference Call

For UK and international participants please call [phone] and
request to be connected to the Tullow Oil teleconference.  Confirmation Code:
4012643

For participants in Ireland, please call [phone]. Confirmation Code:
4012643

A replay facility will be available from one hour after the conference call for
seven days.  Please call [phone], access code: 4012643#.

15:00 US Conference Call

Please call [phone] and request to be connected to the Tullow Oil
teleconference.

A replay facility will be available from one hour after the conference call for
seven days.  Please call [phone], access code: 3834436.



Disclaimer

This announcement contains certain operational and financial information in
relation to 2007 that is subject to final review and has not been audited.
Furthermore it contains certain forward-looking statements that are subject to
the usual risk factors and uncertainties associated with the oil & gas
exploration and production business. Whilst the Group believes the expectations
reflected herein to be reasonable, the actual outcome may be materially
different owing to factors either within or beyond the Group's control, and
accordingly no reliance may be placed on the figures contained in such forward
looking statements.

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



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