Tullow Oil plc- Tullow Oil plc Interim Results to 30 June 2003

Tullow Oil plc Interim Results to 30 June 2003

4th September 2003

Highlights

Financial

Turnover up 23 per cent to £67.4 million (H1 2002: £55.0 million) driven by North Sea and offshore West African interests.
Operating profit before exploration costs up 48 per cent to £24.9 million.
Operating cash flow £46.2 million, a 25 per cent increase on H1 2002.
Exploration write-off and higher effective tax charge arising from PRT, impact on Earnings Per Share.

Operational

Key strategic position achieved in Southern North Sea gas infrastructure through increased equity interests.
Production started at McAdam field in North Sea CMS; further production scheduled to come on stream in the second half.
New blocks awarded to Tullow in the UK Government's 21st Offshore Licensing Round.
Strong increase in oil production from the Espoir field in West Africa - advanced plans to develop additional proven reserves.
Oil discovery at Acajou indicating strong potential of this block and the region.
New operated licence with proven oil discoveries, exploration upside and attractive terms awarded in Gabon.

Outlook

Gawain South East well in progress.
Cote d'Ivoire infill well scheduled for completion over coming weeks.
Evaluation of undeveloped discoveries in West Africa and North Sea underway.
Three well Exploration drilling in Block 9 Bangladesh to commence November.
First well in Gabon scheduled for Q1 2004.

Commenting on the results, Tullow Chairman, Pat Plunkett, said:

"Our strategy of building a low risk exploration and production company with continual exposure to high returns is progressing well. We are heading into a very active phase with exploration wells in each of our three core areas, a number of potential development projects and continued strong production and reserve performance. Acquisition and disposal activity has focussed and strengthened our portfolio and this will continue as we strive towards our target over the coming years of building a strong Independent Oil and Gas Company. "

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For further information contact:

Tullow Oil plc
Tel: +44-020 7333 6800
Aidan Heavey, Chief Executive
Tom Hickey, Finance Director
www.tullowoil.com

Citigate Dewe Rogerson
Tel: +44-020 7638 9571
Martin Jackson / Alexandra Scrimgeour / Nina Soon

Murray Consultants
Tel: +353 1 498 0300
Martin Jackson / Alexandra Scrimgeour / Nina Soon

NOTES TO EDITORS

Tullow Oil plc is one of the leading Independent International Oil & Gas Exploration and Production companies in Europe. Tullow is quoted on the London and Irish stock exchanges (symbol TLW) and is a member of the FTSE 250 Index.

Strategy

Tullow’s strategy is to build strong and secure cash flow from low risk production acreage while applying discretionary funds to exploration territories with high potential. These activities will be undertaken in a manner that reflects a genuine concern for the environment and the health and safety of all personnel.

Production and Development Assets

Tullow has interests in 58 exploration and production licences spread over three core areas: UK North Sea, West Africa and South Asia

In the North Sea, Tullow’s principal interests are in the CMS and the Thames/Hewett group of licences and the operatorship of the Bacton onshore gas processing terminal. North Sea gas production is expected to average 120 mmscfd in the current year.

The Espoir field in Côte d'Ivoire, West Africa, is Tullow's principal source of international production and is currently achieving a production level of 24,000 boepd. Tullow is also active in Gabon and Cameroon where it has in place fast track exploration and development programmes.

In South Asia, Tullow has production and exploration interests in Pakistan, exploration activities in Bangladesh, where an extensive drilling programme is scheduled, and also in India.