Côte D’ivoire Oil Discovery Confirms Potential of Offshore Acajou Area

8th May 2003

Tullow Oil plc (“Tullow”) has announced an oil discovery on the Acajou prospect in Côte d’Ivoire, confirming the hydrocarbon potential of the area, southeast of the Espoir field.

The well on licence CI-26 was drilled on the Acajou South prospect approximately 24 km off the coast of Côte d’Ivoire in a water depth of 3,050ft. The well is located some 9km from the Espoir facilities.

Well Acajou-1x was operated by Canadian Natural Resources (“CNR”) using the Sovereign Explorer rig. It reached a total depth of 8,027ft and encountered a gross oil column of over 250ft. A 45ft interval of sands at the top of the oil column was tested at an average rate of 3,500 bopd oil. The oil was of good quality 33° API, similar to that found in the Espoir field.

Brian O’Cathain, Managing Director of Tullow Oil International Ltd., commented, “We are pleased with the success of this exploration well, as it underlines the potential of the Acajou area. The test rate is encouraging for the economic development of the discovery. The well also encountered a significant sand section below the oil water contact, which holds potential in the northern part of the structure. The Acajou co-venturers will now evaluate the most effective method to bring this potentially commercial discovery into development”.

Tullow has a 24.0% interest in the Acajou discovery, with co-venturers CNR and Petroci holding 66.0% and 10.0% respectively.

Espoir Developments

Elsewhere on licence CI-26, Tullow has announced that the build up of production in the Espoir field is progressing according to plan. Well EP-4 has been completed, and the perforation of the upper reservoir in wells EP-1, 2 and 3 is well underway. Brian O’Cathain added “We are confident of meeting our target of 25,000 bopd gross oil production by end Q2, 2003. The Espoir Field and CI-26 Licence constitute a key value creation area for Tullow and we look forward to further active exploration, appraisal and development in this exciting region”.

For further information contact:

Tullow Oil plc
Tel: +44 207 333 6800 (London)
Tel: +353 1 213 7300 (Dublin)
Aidan Heavey, Chief Executive
Tom Hickey, Finance Director
Brian O’Cathain, Managing Director, Tullow Oil International Limited
www.tullowoil.com

Binns & Co PR Ltd
Tel: +44-020 7786 9600
Emma McCaffrey
Peter Binns
Ben Willey
www.binnspr.co.uk

NOTES TO EDITORS

Tullow Oil plc (“Tullow”) is a UK registered company, quoted on the London and Irish stock exchanges, and is one of the largest Independent Exploration and Production companies in Europe. Tullow Oil is a dynamic player in the international oil and gas industry. Its primary offices are in London (UK & Corporate) and Dublin (International Business).

Tullow Oil has interests in 54 exploration and production licences spread over three main areas – South Asia, Africa, and Europe - and has regional offices in each area. Tullow has had long-term involvement in Africa. The Company has interests in Côte d’Ivoire, Gabon, and Cameroon.

Tullow has a 21.33% equity in the Espoir Field with partners, CNR and Petroci , holding 58.67% and 20% respectively. The Espoir Field has estimated recoverable reserves of 93 million barrels of oil and 180 billion cubic feet of natural gas.

The Espoir production facilities currently comprise an unmanned wellhead platform with oil and gas processed on an FPSO. The East Espoir oil accumulation is being developed initially followed by development of the West Espoir within two years. The Espoir field has a life expectancy of 20 years.