Cote d'Ivoire Production

Tullow Oil PLC 7 February 2002 7 February 2002 Tullow Oil plc: Commencement of Oil Production from Espoir Field, Offshore Cote d'Ivoire Tullow Oil plc ('Tullow'), and their partners, Canadian Natural Resources Limited ('Canadian Natural') and PETROCI Holding ('PETROCI') announce that oil production from the Canadian Natural operated Espoir Field, offshore Cote d'Ivoire, Africa, commenced on 4th February, 2002 at 8,500 barrels per day from the first producing well in the development programme. The production rate will increase over the next several months to 30,000 barrels of oil per day by the end of the third quarter of 2002 as six more wells are drilled from the East Espoir wellhead tower in this first phase of development. Production of associated natural gas is expected to increase to 30 million cubic feet per day. Hydrocarbons are processed on the 'Espoir Ivoirien' Floating Production Storage and Offtake (FPSO) vessel. The oil will be sold directly from the FPSO and the natural gas will be transported to shore where it is sold for power generation at Abidjan, the major city of Cote d'Ivoire. Tullow has a 21.33% equity in the Espoir Field with partners, Canadian Natural and PETROCI, holding 58.67% and 20% respectively. The Espoir Field has estimated recoverable reserves of 93 million barrels of oil and 180 billion cubic feet of natural gas. The second phase of development, which is currently being planned, comprises the installation of a second wellhead tower and drilling in the western lobe of the reservoir. Additional separate satellite prospects are located in Block CI-26, in close proximity to the Espoir Field, and could also utilise the FPSO installed at Espoir to process additional production. Tullow originally acquired an equity interest in the Espoir Field in 1997 and, along with Joint Venture partners Canadian Natural and PETROCI, progressed development of the field. This development included the acquisition of seismic, installation of a wellhead tower and pipelines, procurement and construction of the FPSO and commencement of the drilling programme. In addition, exploration drilling will be conducted to fully develop the resource potential of Block CI-26. Commenting, Aidan Heavey, Chief Executive, Tullow, said: 'First Oil from Espoir is a major milestone for Tullow. The Espoir Field and CI-26 Licence constitute a key value creation area for Tullow and we look forward to further active exploration and development in this exciting region. Our interest in the Espoir field is one of the most valuable assets owned by the Company.' ENDS Contacts For Further Information: Aidan Heavey, Chief Executive Sam Allen/Emma McCaffrey Tom Hickey, Financial Director Binns & Co PR Ltd Tullow Oil plc Tel: 020 7389 0300 Tel: 020 7786 9600 / 07811 151 487 Editor's note Tullow Tullow Oil plc, ('Tullow') the independent oil and gas exploration, development and production company, has long term involvement in Africa. The Company has interests in Cote d'Ivoire, Egypt and Algeria. The Espoir production facilities currently comprise an unmanned wellhead platform with oil and gas processed on a FPSO. The East Espoir oil accumulation is being developed initially followed by development of the West Espoir within two years. The Espoir field has a life expectancy of 20 years. This information is provided by RNS The company news service from the London Stock Exchange

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