Chairman's AGM Statement

Tullow Oil PLC
22 June 2000

 
AGM STATEMENT 
 
At the Annual General Meeting of Tullow Oil plc held today in Dublin,
Chairman Pat Plunkett made the following statement:
 
'1999 was a year of very significant progress for Tullow, most notably the
signing of a gas sales agreement and the commencement of production in
Pakistan, the conclusion of a similar agreement in relation to the Espoir oil
and gas Project in Cote d'Ivoire and the completion of a successful Placing
and Open Offer in December, which raised Stg£18.9 million in new funds for
the Company.
 
In Pakistan, gas sales from the Sara and Suri fields commenced in December
1999 and are continuing at a rate of about 40 mmscfd. These sales are already
having a major impact on profitability and we expect to announce a very
significant increase in turnover and operating profits at the interim stage
this year. Two further wells to enhance production from Sara and Suri are
also proposed for later this year.
 
Elsewhere in the sub-continent, we concluded a strategically important joint
venture in India with Larsen and Toubro in respect of two key onshore
exploration blocks. The JV significantly enhances Tullow's position as a
major player in the Indian gas-to-power market. Our work programmes for this
country are currently at an advanced stage of preparation.
 
In addition, Tullow also has an active programme of exploration planned for
the remainder of 2000 including our first wells in the Nawabshah Block in
Pakistan and the commencement of high resolution seimsic survey of our EPI3
and EPI 8 Blocks in Romania.
 
The company's financial position remains strong and is enhanced by the
current environment of favourable resource prices.
 
Shareholders will also be aware of the continuing negotiations in respect of
the award of the licence for Block 9 Bangladesh. The production sharing
contract has been initialled and approved by the appropriate regulatory
authorities in Bangladesh and the joint venture agreement governing the
operation and equity split of the licence is in the course of being finalised.
 
On a personal note, I am delighted to meet shareholders at this, my first AGM
since assuming the role of Chairman in April. I look forward with enthusiasm
to the challenges which lie ahead, but I am also sure you will all join me in
thanking Tom Toner for his effective and dedicated Chairmanship of Tullow
over the last 10 years.
 
All of the resolutions put to the meeting were passed.


Pat Plunkett
Chairman
22nd June 2000
 
Enquires to:
 
Aidan Heavey, Chief Executive         Tel: [phone]
Tullow Oil plc
 
Tom Hickey, Finance Director          Tel: [phone]
Tullow Oil plc
 
Simon Rothschild/Judith Parry         Tel: [phone]
Millham Communications