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The Trading Statement is in advance of the Group's Full Year Results, which are scheduled for release on Wednesday, 12 March 2008. The information contained herein has not been audited and is subject to further review.

HIGHLIGHTS

Exploration

  • In 2007 the Group drilled 16 exploration wells, nine of which discovered hydrocarbons.
  • World-class Jubilee field (formerly known as Mahogany and Hyedua) discovered offshore Ghana in 2007. Accelerated appraisal of 1.3 billion barrel potential has commenced.
  • Ghana Exploration/Appraisal Campaign – two rigs contracted to drill up to seven wells, the first exploration well, Odum, commenced on 22 January.
  • Uganda – Ngassa well now expected to reach target depth in late March following operational and logistical delays.
  • Uganda – Butiaba multi-well programme to commence in March on the Taitai prospect.

Production and Development

  • Working interest production averaged 73,100 boepd for 2007, 13% higher than for the same period in 2006.
  • Jubilee field development studies under way to ensure earliest first production.
  • Significant progress made towards sanction of Ugandan EPS targeting first oil in 2009.
  • Gross production from Equatorial Guinea assets exceeded 100,000 bopd for the first time on 17 January 2008.
  • Working interest production for the Group is expected to average between 70,000 and 74,000 boepd in 2008.

Download Tullow Oil plc Trading Statement and Operational Update (PDF, 84.6 KB, opens in a new window)

Commenting today, Aidan Heavey, Chief Executive of Tullow said:

"During 2007, Tullow experienced a transformational change in its business driven by exceptional exploration success and supported by strong oil and gas pricing. Our priority for 2008 is 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 portfolio. Tullow has the potential to grow substantially over the coming years and I believe we have the team, the assets and the resources to achieve this."