AGM statement

Tullow Oil PLC
30 May 2007







Tullow Oil plc - Annual General Meeting


30 May 2007 - At today's Annual General Meeting Tullow Chairman, Pat Plunkett,
made the following statement:



During 2006, the combination of strong growth in Tullow's business and
favourable oil and gas pricing allowed the Group to report record operational
and financial results. In September 2006, the strong financial condition of the
business and support of our banks and shareholders also allowed Tullow to
undertake the biggest transaction in the Company's history, the US$1.1 billion
acquisition of Hardman Resources which completed in January 2007.



Tullow has a balanced international oil and gas business and is focused on
continued growth over the coming years. During 2007 the principal focus will be
on the Group's exploration portfolio;  important high-impact wells recently
commenced in Uganda and Namibia, while a multi-well programme in India is also
scheduled for later in the year.



Tullow's UK Southern Gas Basin business achieved record levels of both
production and price realisation during 2006. The expansion in production was
driven principally by steady increases from both the Schooner and Ketch fields,
where field operations were optimised and new wells brought on stream, and a
strong performance from the remainder of the portfolio. Looking to 2007, the
Thurne and Kelvin developments are each progressing satisfactorily and are
scheduled to come on stream in the fourth quarter while first gas from the
Ketch-9 well is expected towards the end of June, later than previously
anticipated. On the exploration front, three gas exploration wells are planned
in the Southern North Sea, while oil exploration wells on the Peveril and Acer
prospects in the Central North Sea have both been unsuccessful.



During the second half of 2006 there was a significant reduction in spot UK gas
prices as new sources of supply came on stream and relatively mild weather
conditions reduced seasonal demand. Looking forward, the overall gas supply and
demand balance within the UK should lead to greater overall gas price stability
and further convergence between UK and continental European gas prices.
Tullow's consistent investment and strong cost control disciplines, allied to an
active forward sale and hedging programme should continue to ensure that the
Group generates attractive returns and maintains production from this business.



Tullow has been active in Africa since 1986 and has developed a high quality
exploration and production portfolio across the continent. During 2006, two
important oil field developments came on stream, West Espoir in Cote d'Ivoire
and Okume in Equatorial Guinea and a key water injection project also commenced
on the M'Boundi field in Congo (Brazzaville). Production from these projects,
allied to existing African output and the Chinguetti field in Mauritania,
acquired as part of the Hardman transaction, should result in Tullow's African
oil production continuing to increase over the remainder of 2007.



Tullow plans to continue its active exploration programme in Africa by drilling
a total of 10 exploration wells during 2007, four of which will be in Uganda.
Following the successful 2006 drilling campaign, the Lake Albert Rift Basin in
Uganda has the potential to become a new world class oil province. The Nzizi-2
appraisal well recently spudded and will be followed by two further appraisal
wells on the Mputa discovery in order to refine current reserve estimates. These
wells, combined with 3D seismic, will be used to support the sanction of an
early production system leading to first oil in 2009.  Preparations are also in
progress to drill the potentially significant Ngassa and Kingfisher-2 prospects
and the Nabors 221 rig has been contracted with a view to commencing this
programme during the third quarter.



Tullow's Asian interests demonstrated substantial growth during 2006, with
further expansion scheduled for 2007.  In Bangladesh, the Bangora project has
recently completed its first year of production, during which time two
successful appraisal wells were drilled, commerciality was declared and
significant increases in production and reserves were recorded. In Pakistan,
first gas from the Chachar development is imminent, while a two well exploration
programme on the high-impact Kohat Block is planned to start in the fourth
quarter. Prospects have also recently been selected for a programme of four
exploration wells on the CB-ON/1 block in India also starting in the fourth
quarter.



Recent progress in Tullow's South American assets, deriving from interests
obtained through the Hardman acquisition, has also been good. Tullow has been
announced as the successful bidder for two highly prospective Trinidad licenses,
2a/b and Guayaguayare, under the country's sixth exploration licensing round. In
Suriname, Production Sharing Contracts were executed in February for two onshore
concessions, Uitkijk and Coronie, which lie adjacent to the country's main
producing Tambaredjo field. Exploration drilling in Uitkijk is scheduled to
commence in July this year.



A more detailed review of operations and 2007 performance will be provided in
our Trading Statement and Operational Update on 11 July. Our Interim Results
will be released on 4 September.



Tullow's objective is to continue to enhance and grow its business across each
of its core areas through a mixture of exploration and development activities
and continued portfolio management. The strong performance in 2006, alongside
the exciting exploration and appraisal programmes planned for 2007, allow us to
maintain a long term perspective and effectively allocate our financial and
other resources to maintain our growth.



I would like to thank shareholders and employees for their continued support of
the business and I look forward to reporting further progress as the year
unfolds.





Pat Plunkett



For further information contact:
Tullow Oil plc                     Citigate Dewe Rogerson              Murray Consultants
([phone])                 ([phone])                  ([phone])
                                   Martin Jackson                      Joe Murray
Aidan Heavey

Tom Hickey

Chris Perry





Notes to Editors



Tullow is a leading independent oil & 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 120
exploration and production licences across 23 countries and focuses on four core
areas: Europe, Africa, South Asia and South America.



Tullow's European 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 and operates over 70% of its production.



In Africa, Tullow has exploration and production in Gabon, Cote d'Ivoire, Congo
(Brazzaville), Mauritania and Equatorial Guinea and a large gas field
development and appraisal programme in Namibia. Tullow also has exploration
programmes in Mauritania, Senegal, Cameroon, Uganda, Congo (DRC), Tanzania,
Madagascar, Angola and Ghana.



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



In South America Tullow has high impact exploration interests in Trinidad and
Tobago, French Guiana, Suriname and the Falkland Islands.

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

                                      ENDS


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