AGM Statement

Tullow Oil PLC
29 June 2005

News release




29 June 2005 - Tullow Oil plc Annual General Meeting


At today's Annual General Meeting, Pat Plunkett made the following statement:



2004 was an excellent year for Tullow with record levels of production,
turnover, profits and cash flow. The acquisition and rapid integration of Energy
Africa and the recently completed acquisition of Schooner and Ketch have
transformed the Group.  Tullow is now strategically well positioned with a
balanced portfolio of oil and gas assets in both mature and developing regions
and a strong platform for future growth and development.



The UK gas market is a key area of focus for Tullow and, following the start up
of the Horne and Wren fields where output has already reached its anticipated
plateau rate of 90mmscfd, Tullow's gas production is at an all time high. The
Schooner and Ketch assets also contributed strongly to this performance with a
sustained average rate in excess of 50mmscfd since we took over as operator in
early April.



In Africa we have a very active programme with over 40 infill and development
wells planned for 2005.  In Congo (Brazzaville), ten development wells on the
M'Boundi field have been completed to date and gross production is now
approximately 44,000 bopd with capacity to process up to 60,000 bopd.  In Cote
d'Ivoire and Equatorial Guinea the infill drilling and development programmes on
Espoir, Ceiba and Okume are all progressing on time and on budget.  In Gabon,
net production to date in 2005 has been maintained at over 18,500 bopd, an
increase from 14,000 bopd when the assets were acquired.



Significant progress has also been made on the Kudu gas-to-power project,
offshore Namibia. The Front End Engineering and Design study contract was
awarded in March 2005.  The study is scheduled to complete at the end of July
and an investment decision is expected in early 2006. In addition, appraisal of
the field's considerable reserves upside is ongoing with drilling planned for
2006.



The Group's 2005 exploration programme has already resulted in a gas discovery
with the Opal well close to our CMS infrastructure in the Southern North Sea.
In the second half of the year the Group will drill high risk, high reward
prospects in Mauritania and Uganda and a range of prospects close to existing
infrastructure in the UK, Gabon and Pakistan.



A more detailed review of operations will be provided in our pre-close period
Trading Statement and Operational Update in July 2005.



In the first half of 2005 the Group has also made substantial progress in the
refinancing of  existing debt facilities.  This refinancing will provide up to
$850 million of debt capacity giving greater flexibility in the funding of our
ongoing development programmes.  We expect this facility to be executed in July.



In summary, 2004 was a transforming year for Tullow and the Group's strong
performance in the first half of 2005 is encouraging. In the UK and Africa,
production continues to grow and in South Asia there is ongoing progress with
key projects.  The growing momentum in our activities and the positive pricing
environment gives us confidence that 2005 will be another excellent year for the
Group.

For further information contact:


Tullow Oil plc              Citigate Dewe Rogerson           Murray Consultants
([phone])          [phone])                ([phone])
Aidan Heavey                Martin Jackson                   Joe Murray
                            
Tom Hickey                  Rachel Lankester
Chris Perry



Notes to Editors



Tullow is a leading independent oil and gas, exploration and production group,
quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a
constituent of the FTSE 250 Index. The Group has interests in over 90 production
and exploration licences in 16 countries and focuses on three core areas: NW
Europe, West Africa and South Asia.



Tullow's NW Europe interests are primarily focused on gas in the UK Southern
North Sea where it has significant interests in the Caister-Murdoch System and
the Thames/Hewett areas.  Tullow operates 60% of its production from these areas
following the recent start-up of production from its Horne and Wren fields and
the acquisition of the Schooner and Ketch assets.

In Africa, Tullow has production and exploration in Gabon, Cote d'Ivoire, Congo
(Brazzaville) and Equatorial Guinea. Tullow also has exploration programmes in
Morocco, Mauritania, Senegal, Cameroon, and Uganda.

In South Asia, Tullow has production and exploration interests in Pakistan and
exploration activities in India and Bangladesh.

For further information please refer to our website at www.tullowoil.com



                                      ENDS


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