AGM Statement

Tullow Oil PLC
30 May 2001

                    TULLOW OIL PLC ('Tullow' or the 'Company')
                            ANNUAL GENERAL MEETING

30 May 2001

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

'I am pleased to welcome you all here today to Tullow Oil's first AGM in
London, following our re-domicile to the United Kingdom in December. The move
has enabled Tullow to take advantage of the wider range of institutional
investors now capable of investing in the Tullow Group.

The year 2000 was one of major progress and transformation for Tullow. The
most notable event of the year was undoubtedly the acquisition of two asset
packages in the southern North Sea from BP, and the very successful Stg£41.8
million Placing and Open Offer to fund it.  In addition to this the Company
increased turnover by almost 50% and operating profitability by 125%,
principally reflecting our first full year of production in Pakistan.

Since the year end we have completed the acquisition of the Murdoch-Boulton
package and almost the entire Thames-Hewett package.  We have been delighted
with the performance of the assets to date and in particular with the success
of the K exploration well, announced in late March. We are confident that the
success of this well will accelerate the development of the CMS III project,
designed to tie in existing discoveries, and will add considerable value to
the area in the future.  Further drilling is planned in both the
Murdoch-Boulton and Thames-Hewett areas this year and we are hopeful that this
will add materially to reserves.

In March 2000, Tullow and its partners, Chevron and Texaco, initialed a
Production Sharing Contract in respect of Block 9 onshore Bangladesh.  Final
negotiations in relation to this interest continued for the remainder of the
year, culminating in the final signing of the Contract in early April 2001
with Tullow holding a 30% interest and the operatorship.  Our work to date has
highlighted a number of very exciting areas in the block for further
exploration and we look forward to drilling our first well in 2002.
Negotiations in relation to the similarly prospective Block 11 are continuing.

Tullow's other main project during 2000 was its continuing participation in
the development of the Espoir field offshore Cote d'Ivoire.  In recent weeks
the wellhead tower has been installed and development drilling has recently
commenced.  This project also has very exciting exploration potential, which
has recently been enhanced by a substantial discovery by the operator in an
adjacent block.

On a personal note I am delighted to meet shareholders at this AGM, the first
to be held in the UK.  I am sure you will all join me in welcoming John Lander
to the Board. John is Managing Director of our North Sea operating Company and
has been involved in international oil and gas exploration for over 30 years.

Thank you all for your support in the past and your attendance today.  I look
forward to meeting you all many times again in the years to come.'

All of the resolutions put to the meeting were passed.

Enquiries:

Aidan Heavey, Managing Director, Tullow Oil plc            Tel: [phone]
Tom Hickey, Finance Director, Tullow Oil plc               Tel: [phone]