Drilling Results

Tullow Oil PLC 19 February 2001 19 February 2001 Tullow Oil plc Result of Marishes-2 Well, North Yorkshire Tullow Oil plc, the UK independent oil and gas exploration and production company, announces the successful completion of the Marishes-2 appraisal/ exploration well drilled in the North Yorkshire gas field complex. The Marishes-2 well, which spudded on 15 December 2000 and completed on 5 February 2001 was intended to enhance and maintain production from North Yorkshire to the Knapton power station. The well flowed on test at a rate of 11 mmscfd from the Kirkham Abbey Formation on a 34/64' choke and 2.5 mmscfd from the Brotherton formations. The well will now be tied into the North Yorkshire infrastructure for future production to the Knapton Power Station. Tullow operates the Knapton Station on behalf of Scottish Power and also acts as operator of the North Yorkshire gas fields in which it holds a 60% licence interest. The fields have been producing gas to Knapton since 1995. The remaining 40% share is held by Edinburgh Oil and Gas plc. Another field containing proven reserves within the North Yorkshire complex, Pickering, is expected to be tied-in in the third quarter. Aidan Heavey, Chief Executive of Tullow commented: 'North Yorkshire is very important to Tullow and has been central to the group's development in recent years. We believe that the results of the Marishes-2 well and discovery of new reserves in the Brotherton formation greatly enhances the prospectivity of the area. This result, coupled with the forthcoming Pickering tie-in will ensure consistent production for many years to come.' Further Information Tullow Oil plc 020 7976 2600 Aidan Heavey, Chief Executive Graham Martin, Legal and Commercial Director Tom Hickey, Finance Director Notes to Editors: 1. Tullow Oil plc is a UK-domiciled quoted company engaged in oil and gas exploration, development and production. The Company has been an established upstream operation, for 14 years, being active currently onshore UK and both onshore and offshore in other countries. Tullow's assets cover more than 30 licences in its countries of operation, which are Pakistan, India, Bangladesh, Cote d'Ivoire, Egypt, the United Kingdom and Romania. The Company's shares are listed on the Official Lists of the London and Irish Stock Exchanges. The Company has been UK Registered since December 2000. In the UK, Tullow operates in three areas: North Yorkshire, operating and supplying gas to a power station; Lincolnshire, where oil is produced and sold to a local refinery; and South Yorkshire, operating the facilities for a gas storage project. At the end of 1999, Tullow's reserves were 33.4 million barrels of liquids and 270 billion cubic feet of gas. 2. On 31 July 2000 Tullow announced the purchase of a major package of North Sea Production interests from BP Amoco Arco for a maximum consideration of Stg £201m. At the same time, it also announced a placing and open offer to raise approximately £41.8m (net of expenses) and signed a loan agreement to provide up to Stg £140m in bridge financing. This Bridge facility has since been replaced by a £ 125 million 5 year syndicated Borrowing Base Facility led by CIBC World Markets and Bank of Scotland. The purchase from BP is through two packages: + BP's equity in the Murdoch and Boulton gas fields and the Caister-Murdoch System: and + BP's equity in the Thames gas field with surrounding satellites, the Hewett gas field with surrounding satellites, the associated pipeline and terminal interests (to be completed, and a further announcement will be made at that time). The Completion of the first Package of this acquisition, the Murdoch-Boulton Package, was announced on 14 February 2001. 3. Net BP production from the fields in the two packages to be purchased by Tullow amounts to a current average of some 150 million cubic feet of gas a day, with net proven and probable reserves at the end of 1999 of 242.6 billion cubic feet.

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Tullow Oil (TLW)
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