Tullow Oil plc Annual General Meeting

27th May 2002

Commenting at today's Annual General Meeting, Pat Plunkett, Chairman, said:

"I am delighted to welcome you all here today to Tullow AGM. I am sure you will all join me in welcoming our two new non-executive directors, Clare Spottiswoode and Steven McTiernan to their first Tullow AGM.

2001 was an exceptional year for Tullow. The company completed its UK acquisition, advanced the Espoir project offshore Côte d"Ivoire to the point of first oil and also had its first Southern North Sea exploration success with the K well in the Murdoch area. Principally as a result of the completion of the Southern North Sea Acquisitions, Tullow also reported record revenue, profitability and cash flow for 2001. The Company now has a well balanced portfolio centred around the three core areas of the UK, Côte d"Ivoire and Pakistan. Supplementing those core areas through exploration success on our international portfolio is a key objective for 2002. Each of the core areas continues to show encouraging performance into 2002.

In the UK, the CMS III project has passed a major landmark with the recent installation of the new accommodation platform on the Murdoch Field. The first development well, on the Hawksley field, is currently at an advanced stage of drilling and first gas is expected on schedule in October this year. In the Boulton Field, the development well on Boulton F has been successfully completed at an initial production rate of 50 mmscfd. Within the international portfolio, the Espoir project in the Côte d"Ivoire is now producing at a rate of approximately 12,000 bopd from two production wells with development continuing, while the Acajou prospect, which we regard as particularly exciting, has recently received more favourable deepwater licence terms which would enhance the economics of any successful discovery. In Pakistan, Sara and Suri continue to perform strongly, while gas price negotiations in relation to Chachar are ongoing.

During 2001, Tullow also signed the Production Sharing Contract in relation to Block 9 onshore Bangladesh following prolonged negotiations. Exploration work on the Block commenced in late 2001 with a Geochemical survey and a major 2D and 3D seismic survey is currently in progress with a view to drilling the first of 3 wells later this year.

I look forward to the remainder of 2002 with confidence."

All of the resolutions put to the meeting were passed.