Acquisition

Tullow Oil PLC
19 June 2001

Completion of Second Stage of Thames-Hewett North Sea Acquisition from BP

19 June 2001

Tullow Oil plc ('Tullow'), the independent UK oil and gas exploration,
development and production company, announces that it has completed a further
stage of the purchase of the Thames-Hewett Package. This is the second of two
packages of Southern North Sea gas assets and related infrastructure which
Tullow has purchased from BP for £200.6 million, following BP's takeover of
ARCO in April 2000. The acquisition of the two packages was first announced on
31 July 2000.

The completion announced today refers to a total of nine licences within the
Thames-Hewett Package, including the producing Gawain field and exploration
licences containing six undeveloped discoveries. The gas from the Gawain field
is sold under a long-term contract to Powergen. Tullow will have a 50%
interest in Gawain, while interests in the exploration licences range from 15%
to 80%.

The first portion of the Thames-Hewett package, comprising the Thames, Hewett
and Welland interests completed on 30 March 2001. Completion on the final
licence interest, which includes the producing Orwell field, is anticipated in
the coming weeks, as final regulatory approvals are sought in relation to
Tullow's assumption of the operatorship of the field from ARCO.

Aidan Heavey, Chief Executive of Tullow, commented:

'The acquisition of Gawain and the exploration interests is an important step
in the phased completion of the Thames-Hewett package. Gawain is an
outstanding field and the exploration acreage is highly prospective. Tullow
looks forward to participating in, and indeed operating some of this acreage.
In the short period since we acquired our interests from BP we have seen a
number of very encouraging events most notably the 'K' well discovery, while
gas prices in both the short and medium term continue to be very encouraging.

He added: 'The purchase of the Southern North Sea assets did not impact on
production revenues for 2000 but will be a very significant contributor to
revenue and profitability in the current year.'

For further Information:

Aidan Heavey, Chief Executive/

John Lander, Managing Director

Tullow Exploration

Tel: [phone]



Peter Binns/Emma McCaffrey/ Simon Ellis

Binns & Co PR Ltd

Tel: [phone]



Judith Parry/

Simon Rothschild

Millham Communications

Tel: [phone]/

Tel: [phone]



Editor's notes:

The acquisition of the two packages, which was initially announced on 31 July
2000, comprised, at the effective purchase date of 1st January 2000, 240
billion cubic feet ('bcf') of strongly cash generative producing gas assets,
potential for 120bcf of undeveloped discoveries, and substantial low risk
exploration upside.

The Thames-Hewett Package comprises interests in thirteen licences in the
Southern North Sea, and contains thirteen producing fields, six discoveries
and a number of exploration prospects and leads.

The Hewett Complex

The Hewett field facilities principally comprises six platforms producing to
the Phillip's Bacton terminal, 32 km away. There are currently 36 producing
wells in the Hewett area: 29 platform wells draining Hewett, and seven subsea
wells draining the other four fields, Little Dotty, Delilah, Della and
Deborah.

The Thames Complex

The Thames field forms the hub for the Thames Group fields and also handles
gas from the Welland, Gawain, Orwell and Tristan fields over the Thames
Complex with export via a 24-inch, 88km export pipeline to Phillips' Bacton
terminal.




Thames-Hewett Assets

      LICENCE BLOCKS FIELDS & DISCOVERIES

*     P007    49/    Gawain field (sub-area)
              24F1
              (part)

              49/
              24F1
              (part)

      P037    48/28a Hewett field complex (part)
              (part)

              & 48/
              29

      P037    49/28  Thames field complex including Yare, Bure, Deben, and
              (part) Wensum
                     The Thames complex consists of three platforms and
                     commenced production in 1986.

      P039    53/4a  Welland field Wissey discovery
                     The Welland field commenced production in 1990 and
                     has four production wells. Gas is exported to the
                     Thames complex through a 17 km 16-inch pipeline from
                     a not-normally-manned production platform.

£     P060    50/26a Orwell field

                     The Orwell field, discovered in 1989, produces via three
                     subsea wells to the Thames field through a 35 km pipeline.

*     P063    54/1a

*     P105    49/29a Gawain field (sub-area)
              (part)
                     The Gawain field commenced production in 1995. Three
                     subsea wells are tied back to the Thames Complex by a
                     12-inch, 15 km pipeline.

      P112    52/4a  Hewett field complex (part)

      P467    48/23a Blythe discovery

*     P702    49/29c

*     P703    50/26b 50/26-P1 discovery

*     P786    53/3c  'Horne' discovery
              & 53/
              3d

*     P852    53/4b  'Wren' discovery

*     P1016   49/29d

*     Acquisition completed 18th June 2001
£     Acquisition not yet completed