Transformational year with major exploration success

12 March 2008 – Tullow Oil plc (‘Tullow’), the independent oil and gas exploration and production group, announces its results for the year ended 31 December 2007.

2007 was an exceptional year for Tullow. The Group recorded its largest ever discovery, the Jubilee field offshore Ghana, continued its successful exploration in Uganda and generated record production, sales revenue, operating cash flow and growth in reserves and resources.

Commenting today, Aidan Heavey, Chief Executive, said:
“Exceptional exploration success, and strong production in 2007 have created an opportunity to deliver a transformational step change to our business. Our key priorities for 2008 are 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 wider portfolio. Tullow has the capability to grow substantially in the coming years and I believe we have the strategy, the assets and the team to achieve this. The outlook for 2008 and beyond is extremely promising.”