Completion of Transactions

Tullow Oil PLC
01 December 2003

Tullow Oil plc
1st December 2003

Tullow Oil plc - Completion of Transactions

Tullow Oil plc ('Tullow'), the independent international oil and gas exploration
and production company, announces completion of the purchase from Eni UK Limited
('Eni'), a wholly-owned affiliate of Eni S.p.A., of its 23.33% equity in the
Thames gas fields and the associated licence interest, P037 (Block 49/28).
Originally agreed to by both parties in July this year, the transaction was
completed on 27th November. Tullow now has a 66.66% interest in Thames.

The total consideration for the transaction is £5.2 million, with an effective
date of 1st January 2002.   The net consideration of approximately £1.2 million,
paid by Tullow on completion, reflects revenues and costs accruing to the
interest since the effective date. The net remaining reserves attributed to the
acquired interest at the effective date are estimated at 10 bcf of sales gas.
Gas associated with this interest is sold on long-term contract to British Gas
Trading.

In a separate transaction, Tullow has also completed the sale to Viking
Petroleum UK Limited of its remaining UK onshore interests, principally
comprising a 60% equity in the North Yorkshire gas fields and operatorship of
the Knapton Power Station on behalf of ScottishPower. The consideration for the
transaction was $8.3 million with an effective date of 1st October 2003.
Tullow's other onshore UK interest, in the West Firsby oil field in
Lincolnshire, was sold earlier in 2003.

Commenting on the transactions Aidan Heavey, Chief Executive of Tullow said: '
During 2003 Tullow has strengthened its position and influence throughout the
Thames/Hewett Area. Completion of the Eni deal represents another important step
in this process. Our exit from the onshore UK is part of an ongoing
rationalisation programme relating to non-core areas and we are delighted that
our North Yorkshire assets have been purchased by a company with exciting plans
for the area. '

For Further Information Contact:

Tullow Oil plc ([phone])
Aidan Heavey
Tom Hickey
John Lander

Citigate Dewe Rogerson ([phone])
Martin Jackson

Murray Consultants ([phone])
Joe Murray





Notes for Editors

Tullow Oil plc is one of the leading Independent International Oil & Gas
Exploration and Production companies in Europe. Tullow is quoted on the London
and Irish stock exchanges (symbol TLW) and is a member of the FTSE 250 Index.



Strategy

Tullow's strategy is to build strong and secure cash flow from low risk
production acreage while applying discretionary funds to exploration territories
with high potential. These activities will be undertaken in a manner that
reflects a genuine concern for the environment and the health and safety of all
personnel.



Production and Development Assets

Tullow has interests in over 50 exploration and production licences spread over
three core areas:  UK North Sea, West Africa and South Asia



In the North Sea, Tullow's principal interests are in the CMS and the Thames/
Hewett group of licences and the operatorship of the Bacton onshore gas
processing terminal.



The Espoir field in Cote d'Ivoire, West Africa, is Tullow's principal source of
international production and is currently achieving a production level of over
26,000 boepd.  Tullow is also active in Gabon and Cameroon where it has in place
fast track exploration and development programmes.



In South Asia, Tullow has production and exploration interests in Pakistan,
exploration activities in Bangladesh, where an extensive drilling programme is
scheduled, and also in India.



For further information see www.tullowoil.com




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