AGM Statement

Tullow Oil PLC
16 June 2003


For Immediate Release : 13:00

16 June 2003


                                 TULLOW OIL PLC

                             ANNUAL GENERAL MEETING


At today's Tullow Oil Plc Annual General Meeting, Pat Plunkett, Chairman, said:


'2002 was a year of further progress for Tullow combining record financial
results with the operational challenges of bringing two major developments on
stream. The work done in 2002, coupled with recent transactions and licence
awards, has allowed Tullow to significantly extend its presence in regions of
proven prospectivity in the UK and West Africa which we believe carry the
promise of significant activity and growth for the future.


'Within the UK, Tullow's producing assets have averaged approximately 125 mmscfd
to date in 2003. The recent announcements in relation to the Horne discovery and
the proposed assumption of additional interest in, and operatorship of, the
Hewett Field and Bacton Onshore terminal demonstrate Tullow's strategy of being
an active participant in extending field lives and re-invigorating the
production base.


'Such initiatives should ensure Tullow is well placed to benefit from future UK
gas demand. We also continue to actively seek acquisitions and are
participating, primarily as operator designate, in the current 21st Offshore
Licensing Round.


'Overseas, the Espoir Project in Cote d'Ivoire has almost reached the conclusion
of a well intervention programme and in recent days has produced in excess of
24,000 boepd. The recent Acajou discovery also demonstrates the exciting
exploration potential of this region. Well results from Acajou are currently
being evaluated and a further well is likely early 2004 to test the Northern
part of the structure. Since year end Tullow has also signed the Kiarsseny Marin
licence in Gabon and is currently evaluating appraisal and development options
for the existing discoveries on the Block.


'Tullow continues preparations to spud the first of three exploration wells in
Bangladesh this Autumn. At present civil work on preparation of wellsites is
progressing while a rig contract will shortly be signed. In Pakistan,
negotiations in relation to the potential unitisation of the Chachar discovery
with the adjoining Kandkhot field have recently been initiated by the
authorities.'


Corporate Matters


'As part of our annual result announcement on 2 April the Company announced its
intention to declare and pay a dividend of 1p/share during 2003, subject inter
alia to the approval by the Irish High Court of an application to write off the
historic deficit on the Profit and Loss Account of our Irish subsidiary against
share premium. We are pleased to confirm that this approval has recently been
received. While some accounting and legal work remains outstanding we anticipate
that payment of the dividend will now occur in late summer.


'The remainder of 2003 promises to be an eventful period with important wells in
the UK, Bangladesh and potentially in Gabon. I would like to thank shareholders
for their support to date and attendance today and hope you share in my optimism
for the future.'


All of the resolutions put to the meeting were passed.






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