AGM Statement

Tullow Oil PLC
27 May 2002


                                 TULLOW OIL Plc

                             ANNUAL GENERAL MEETING

                               DATE:  27 MAY 2002

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


' I am delighted to welcome you all here today to Tullow AGM.  I am sure you
will all join me in welcoming our two new  non-executive directors, Clare
Spottiswoode and Steven McTiernan to their first Tullow AGM.

'2001 was an exceptional year for Tullow.  The company completed its UK
acquisition, advanced the Espoir project offshore Cote d'Ivoire to the point of
first oil and also had its first Southern North Sea exploration success with the
K well in the Murdoch area.   Principally as a result of the completion of the
Southern North Sea Acquisitions, Tullow also reported record revenue,
profitability and cash flow for 2001. The Company now has a well balanced
portfolio centred around the three core areas of the UK, Cote d'Ivoire and
Pakistan.  Supplementing those core areas through exploration success on our
international portfolio is a key objective for 2002.

'Each of the core areas continues to show encouraging performance into 2002.  In
the UK, the CMS III project has passed a major landmark with the recent
installation of the new accommodation platform on the Murdoch Field. The first
development well, on the Hawksley field, is currently at an advanced stage of
drilling and first gas is expected on schedule in October this year. In the
Boulton Field, the development well on Boulton F has been successfully completed
at an initial production rate of 50 mmscfd.  Within the international portfolio,
the Espoir project in the Cote d'Ivoire is now producing at a rate of
approximately 12,000 bopd from two production wells with development continuing,
while the Acajou prospect, which we regard as particularly exciting, has
recently received more favourable deepwater licence terms which would enhance
the economics of any  successful discovery.  In Pakistan, Sara and Suri continue
to perform strongly, while gas price negotiations in relation to Chachar are
ongoing.

'During 2001, Tullow also signed the Production Sharing Contract in relation to
Block 9 onshore Bangladesh following prolonged negotiations.  Exploration work
on the Block commenced in late 2001 with a Geochemical survey and a major 2D and
3D seismic survey is currently in progress with a view to drilling the first of
3 wells later this year.

'I look forward to the remainder of 2002 with confidence.'

All of the resolutions put to the meeting were passed.


Further information.

Tullow Oil plc                                Binns & Co PR Ltd
Aidan Heavey, Managing Director               Judith Parry/ Emma McCaffrey
Tom Hickey, Finance Director                  Binns & Co PR Ltd
John Lander, Managing Director, Tullow 
Exploration Limited
Tel: [phone]                            Tel: [phone]



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