Results, reports and presentations

Tullow is entering its next phase of growth with a major focus on Africa, where the Group is already a dominant player.

Our business is becoming larger and more complex but our core principles remain the same and we recognise that corporate social responsibility is a major contributor to our success to date.

Outstanding exploration success leads to Reserves Replacement of over 500% in 2008; Two world-class basins now being fast-tracked; Debt refinancing on schedule; Additional funding from equity placing.

Tullow's business has continued to perform strongly over the second half of 2008. During the period, the Group has maintained its 100% exploration success record in Uganda with four further discoveries; has drilled a successful appraisal well on the Banda discovery, and has spudded the first well in a substantial new drilling campaign offshore Ghana.

The first half of 2008 has been outstanding for Tullow. The Group has delivered record financial results, an excellent exploration performance and material progress towards first oil from both the Jubilee field in Ghana and the EPS in Uganda.

Tullow Oil plc ("Tullow") issues this Trading Statement in respect of the first half of the 2008 financial year and this Operational Update in respect of recent Production, Development and Exploration activities.

The Annual General Meeting was held at Stationer's Hall, Ave Maria Lane, London, EC4M 7DD on Wednesday 14 May 2008 at 12 noon.

Tullow's business has performed strongly in 2008 to date and has benefited from increasing oil and gas prices, while overall production performance was in line with expectations. The Group has focused considerable financial and technical resources on exploration, appraisal and development projects, which in Ghana and Uganda have yielded outstanding results.