Interim Results

Tullow Oil PLC
4 September 2000

                                TULLOW OIL PLC                                
            INTERIM RESULTS FOR THE HALF YEAR TO 30 JUNE 2000               

- Turnover up 89% to Euro7.27 million (First half 1999: Euro3.83 million)

- Operating Profits up fourfold to Euro1.97 million (1999 Euro0.45m)

- Pakistan fields make first significant contribution to profits, further   
  wells planned for second half

- Major progress in offshore Cote d'Ivoire project, three wells to be drilled 
  in 2001, first sales expected in late 2001

- Production sharing contract for Block 9 initialled: progress achieved on 
  joint venture arrangements

- Major acquisition of gas assets from BP Amoco recently approved by 
  shareholders

- Major strategic review of asset portfolio, production pipeline and financing
  options concluded

Commenting on the interim results, Chairman, Pat Plunkett said;

The first six months of this year have been highly significant in the
development of Tullow.  A great deal of progress has been made in terms of
production and the current prospects for exploration are excellent.  The
acquisition of the portfolio of gas assets from BP Amoco will provide a stable
production base, underpinning the active exploration programme the company has
planned for the near future.


Enquiries:

Tullow Oil plc                                   Tel:  [phone]


Aidan Heavey, Chief Executive
Graham Martin, Legal & Commercial Director
Tom Hickey, Finance Director
 
CHAIRMAN'S  STATEMENT

I am delighted to report to shareholders that the first 6 months of 2000 have
demonstrated very significant advances in Tullow's production and development
activities and continued progress in our worldwide exploration efforts.  

Results

During the period under review turnover increased by 89 per cent over 1999
Interim levels to Euro7.27m while operating profits of Euro1.98 million are
over four times last year's figure of Euro0.45 million.  In addition, since
the half year the company has announced the acquisition of a highly attractive
portfolio of gas assets from BP Amoco for a total cash consideration of
Stg£201 million and an associated Placing and Open Offer to raise
approximately Stg£44 million of new Share Capital. This is the most important
transaction in Tullow's corporate history.  We believe that this purchase,
which comprised a total of 16 producing fields in 18 UK licences transforms
Tullow and provides an ideal platform for further development going forward. 
The transaction is subject to certain right of pre-emption or equivalent
rights by co-owners and conditional on certain approvals, including the UK
Government.  Completion of the transaction is expected towards the end of this
year.

Production: Pakistan

The main contributor to turnover and profitability during the period was the
continuing strong production from the Sara and Suri fields in Pakistan, which
accounted for 49 per cent of total turnover.  These fields are currently
producing at a combined rate of approximately 40 mmscfd.  We have been greatly
encouraged not only by the performance of these assets but also the efficiency
of the Pakistani authorities in ensuring that Tullow has received timely
payment.  Two further wells, Khan and Khairgarh are planned for this area
later in 2000 and Tullow is hopeful that additional reserves will be proved up
as a result of this drilling.  

Elsewhere in Pakistan, Tullow concluded a farmout agreement in respect of the
Nawabshah Block where two highly prospective exploration wells Lailian and 
Gupchani are planned for the fourth quarter of 2000. 

Production: UK

The remainder of Group turnover for the period arose from Tullow's UK onshore
assets at West Firsby and North Yorkshire.  West Firsby oil sales have
increased by approximately 65 per cent in value over the corresponding period
in 1999, due principally to strong oil prices.  In North Yorkshire, where
Tullow operates the Knapton Power station on behalf of Scottish Power, sales
have continued at an average daily rate of 6.5 mmscfd; this is slightly lower
than 1999 and is due to a reduced level of production from the North Yorkshire
gas fields.  However, plans are currently being prepared to drill a well with
a view to restoring production to historical levels.

Africa

In addition to the Group's producing interests, major progress has also been
made in the development of the Espoir project offshore Cote d'Ivoire, where
Tullow has a 21.33 per cent stake.  In recent months a number of major
construction contracts have been awarded, including those in relation to the
FPSO (Floating Production Storage and Offtake vessel) and drilling rig.  The
development is proceeding in line with plans and first sales are expected in
late 2001.  

Bangladesh

Significant progress was also made during the period in Bangladesh.  The
Reju-1 offshore well in Blocks 17/18, which was completed in January,
encountered gas shows and intersected sandstone reservoirs.  While the final
results were disappointing, the well was completed on time and within budget
and we continue to believe that these very large blocks have very encouraging
hydrocarbon potential.

Negotiations in respect of the award of Block 9 under the second Bangladesh
Petroleum licensing round also progressed during the period.  In March, Tullow
initialled a Production Sharing Contract, which was then approved by all
relevant governmental authorities.  The Company considers the terms of this
contract to be very favourable and only the joint venture arrangements remain
to be concluded.  Negotiations on this continue and we remain very confident
of a satisfactory outcome.

Strategic Business Review

During the period Tullow undertook a comprehensive strategic review which
encompassed all elements of our asset portfolio, production pipeline and
financing options. The result of this review, whilst reconfirming Tullow's
historical strategy and focus on active exploration, also indicated a
requirement for a stable production base over the next 2-3 years to ensure
that all our existing assets could be developed and managed for the maximum
benefit of the Company.  Both objectives have been satisfied through the
recently announced acquisition from BP of a portfolio of Southern North Sea
exploration and gas  producing assets with associated infrastructure,
including shares in two pipelines and an onshore terminal.  

Other Matters

Shareholders will be aware of Tullow's stated intention to redomicile the
company from Ireland to the United Kingdom.  I am pleased to announce that
preparations for this are at an advanced stage and we hope to publish the
relevant documentation in October 2000.

Prospects

The Company has had an excellent start to the year with the benefit of
established production and an important strategic acquisition combining to
leave the company poised to reap the benefits of a period of extremely
intensive and arduous work on all fronts.  I look forward to a very exciting
future on behalf of all our shareholders.


Pat Plunkett
Chairman

                                Tullow Oil Plc                                
                     Consolidated Profit and Loss Account                     

                                    6 Months       6 Months       12 Months
                                    30.06.00       30.06.99        31.12.99
                                   Unaudited      Unaudited         Audited
                                        Euro           Euro            Euro  

Turnover                           7,265,866       3,829,586      8,354,742
                                  ----------      ----------     ----------

Cost of Sales
Operating Costs                    2,533,678       2,348,538      5,022,977
Amortisation                       1,989,871         460,782      1,482,012
                                  ----------       ---------     ----------
                                   4,523,549       2,809,320      6,504,989
                                  ----------       ---------     ----------
Gross Profit                       2,742,317       1,020,266      1,849,753
                                  ----------       ---------     ----------
Administration and Depreciation
Administration Costs                 735,753         530,928        828,986
Depreciation                          38,853          37,105         76,145
                                  ----------       ---------     ----------
                                     774,606         568,033        905,131
                                  ----------       ---------     ----------

Operating Profit                   1,967,711         452,233        944,622

Interest Receivable                  424,999         117,871        241,269

Interest Payable                    (396,501)       (374,051)      (724,533)
                                  ----------       ---------     ----------
Profit Before Exploration Costs    1,996,209         196,053        461,358

Exploration Costs(Charged)/
Recovered                           (428,426)        123,030    (19,737,425)
                                  ----------       ---------     ----------
Profit /(Loss) On Ordinary 
Activities Before Taxation         1,567,783         319,083    (19,276,067)

Taxation On Ordinary Activities            -               -              -
                                  ----------       ---------     ----------
Profit/(Loss)  
For The Financial Period           1,567,783         319,083    (19,276,067)
                                  ----------       ---------     ----------


                                Euro cents       Euro cents      Euro cents
Earnings/(Loss) Per Share (Note 2)
 - Basic                              0.57             0.14          (8.05)
 - Diluted                            0.56             0.13          (7.94)
                                    ======           ======         ======


                                Tullow Oil Plc                                
                          Consolidated Balance Sheet                          

                                    6 Months        6 Months      12 Months
                                    30.06.00        30.06.99       31.12.99
                                   Unaudited       Unaudited        Audited
                                        Euro            Euro           Euro
FIXED ASSETS
Intangible                         28,481,231     24,720,228     25,825,659
Tangible                           40,527,197     42,940,980     39,581,445
                                  -----------    -----------    -----------
                                   69,008,428     67,661,208     65,407,104
                                  -----------    -----------    -----------
CURRENT ASSETS
Debtors                             6,291,324      3,512,599      3,234,651
Bank/Cash                          13,779,128      1,504,603     28,447,061
                                  -----------    -----------    -----------
                                   20,070,452      5,017,202     31,681,712
                                  -----------    -----------    -----------
CREDITORS (Amounts Falling 
Due Within One Year)
Creditors                           9,225,507      6,033,988     17,476,300
Bank Loans/Overdrafts               2,652,895      9,746,916      2,394,613
                                  -----------    -----------    -----------
                                   11,878,402     15,780,904     19,870,913
                                  -----------    -----------    -----------
NET CURRENT ASSETS/(LIABILITIES)    8,192,050    (10,763,702)    11,810,799
                                  -----------    -----------    ----------- 
TOTAL ASSETS LESS CURRENT 
LIABILITIES                        77,200,478     56,897,506     77,217,903
                                  -----------    -----------    -----------
CREDITORS (Amounts Falling 
Due After One Year)
Bank Loans                        (15,560,910)    (6,636,112)   (15,879,413)
Provision for Charges                (486,157)             -       (471,483)
                                  -----------    -----------    -----------
                                  (16,047,067)    (6,636,112)   (16,350,896)
                                  -----------    -----------    -----------
NET ASSETS                         61,153,411     50,261,394     60,867,007
                                  -----------    -----------    -----------

CAPITAL AND RESERVES
Called Up Share Capital            35,783,043     29,993,411     35,771,950
Share Premium Account              65,302,221     41,031,788     65,272,528
Profit and Loss Account           (39,931,853)   (20,763,805)   (40,177,471)
                                  -----------    -----------    -----------
SHAREHOLDERS' FUNDS                61,153,411     50,261,394     60,867,007
                                  ===========    ===========    ===========


                                Tullow Oil Plc                                
                          Group Cash Flow Statement                           
   
                       Six Months Ended 30th June 2000                       


                                    6 Months        6 Months      12 Months
                                    30.06.00        30.06.99       31.12.99
                                   Unaudited       Unaudited        Audited
                                        Euro            Euro           Euro
Net Cash Outflow/(Inflow) 
from Operating Activities

Profit/(Loss) for the Period        1,567,783        319,083    (19,276,067)
Amortisation                        1,989,871        460,782      1,482,012
Depreciation                           38,853         37,105         76,145
Interest Receivable                  (424,999)      (117,871)      (241,269)
Interest Payable                      396,501        374,051        724,533
Exploration Charged/(Recovered)       428,426       (161,179)    19,737,425
(Increase)/Decrease in 
Trade Debtors                      (1,785,297)       527,579       (347,120)
Loss on Sale Other Tangible 
Fixed Assets                                -              -         58,110
                                  -----------    -----------    -----------   
                                    2,211,138      1,439,550      2,213,769

Returns on Investments 
and Servicing of Finance             (343,265)      (525,027)    (1,176,461)

Capital Expenditure               (16,516,371)   (14,712,500)   (19,088,265)
                                  -----------    -----------    -----------

Net Cash Outflow 
before Financing                  (14,648,498)   (13,797,977)   (18,050,957)

Financing                              40,786              -     29,304,440
                                  -----------    -----------    -----------
(Decrease)/Increase in Cash       (14,607,712)   (13,797,977)    11,253,483

Net Funds/(Debt) at 
beginning of Period                10,173,035     (1,080,448)    (1,080,448)
                                  -----------    -----------    -----------
Net (Debt)/Funds at 
end of Period                      (4,434,677)   (14,878,425)    10,173,035
                                    =========     ==========     ==========


Tullow Oil Plc Notes to the Interim Financial Statements

1. Accounting Policies and Presentation of Financial Information
The accounting policies set out on pages 36 and 37 of the Annual Report &
Accounts for the year ended 31st December, 1999 were applied consistently
throughout the period save for changes arising from the adoption of FRS 15 -
'Tangible Fixed Assets'.

The Standard sets out definitions of those directly attributable costs which
may be capitalised and included in Tangible and Intangible Exploration Assets.
In the period under review the net effect of adoption of this FRS has been to
reduce operating profits by Euro 326,000 as a result of the non capitalisation
of certain administration and corporate costs.

The Directors have adopted the transitional arrangements set out in the
Standard and no adjustment to prior year amounts is proposed.

2.  Earnings/(Loss) per Ordinary Share
The Calculation of basic and diluted Earnings/(Loss) per ordinary share is as
follows:


                                     6 Months       6 Months     12 Months
                                     30.06.00       30.06.99      31.12.99
                                    Unaudited      Unaudited       Audited
                                     Euro'000       Euro'000      Euro'000
Numerator

For basic and diluted loss per share
Profit/(Loss) After Tax                 1,568            319       (19,276)

Denominator
                                     Millions       Millions      Millions
For basic Earnings/(Loss) per share
Weighted Average Number of Shares in
Issue for the period                      275            236           239

Effect of Dilutive Potential 
Ordinary Shares                             1              3             3
(Employee Share Options)

Denominator for Diluted Loss 
per Share                                 276            239           242



                                    Eurocents      Eurocents      Eurocents
Earnings/(Loss) Per Share 
 - Basic                                 0.57           0.14         (8.05)
 - Diluted                               0.56           0.13         (7.94)



3.   Statement of Total Recognised Gains and Losses

                                     6 Months       6 Months      12 Months
                                     30.06.00       30.06.99       31.12.99
                                    Unaudited      Unaudited        Audited
                                         Euro           Euro           Euro

Profit /(Loss) for period           1,567,783        319,083    (19,276,067)
Currency Translation adjustment on                     
Foreign currency net investments   (1,322,165)    (1,646,293)      (749,970)
                                  -----------    -----------    -----------
Total Recognised Gains/(Losses)       245,618     (1,327,210)   (20,026,037)
                                  ===========     ==========    ===========


4.   Proven and Probable Reserves Summary

               EUROPE         AFRICA         ASIA              TOTAL
             Oil    Gas     Oil    Gas   Oil     Gas    Oil     Gas  Petroleum
           mmbbl    bcf   mmbbl    Bcf mmbbl     Bcf  Mmbbl     mcf     mmboe
       
At 1/1/00   0.12  14.89   33.01  40.74  0.00  215.07  33.13  270.70     78.25
Production (0.02) (0.80)   0.00   0.00  0.00   (2.67) (0.02)  (3.47)    (0.60)
            -----------------------------------------------------------------
At 30/8/00  0.10  14.09   33.01  40.74  0.00  212.40  33.11  267.23     77.65
 

5.  Dividends

No dividend was declared in the half year to 30th June 2000 or in 1999.


6. Auditors' Review

The interim accounts (unaudited) have been reviewed by the Group's auditors,
Robert J. Kidney & Co.


7. Approval of accounts

These interim accounts (unaudited) were approved by the board of Directors on
1 September, 2000.        


END

IR EA