Re-registration as a UK Co

Tullow Oil PLC
14 December 2000

14 December 2000

TULLOW OIL PLC ('Tullow' or 'the Company')

Re-registration as a UK Company

On 31 October 2000, the board of Tullow published its proposals for the
establishment of a new UK incorporated holding company ('NewCo'), also called
Tullow Oil plc, for Tullow and its subsidiaries (the 'Group'). Newco will
become the new holding company for the Group by means of a scheme of
arrangement under Section 201 of the Companies Act, 1963 of Ireland (the
'Scheme') whereby Tullow Shareholders will receive one NewCo share for each
Tullow share held.

On 11 December 2000, the High Court of Ireland sanctioned the Scheme. The
Company has requested that trading in the Tullow shares be suspended from 7.30
a.m. on Friday, 15 December 2000 in order to allow the implementation of the
Scheme. It is expected that trading in the shares of NewCo will commence at
8.00 am on Monday, 18 December 2000.

Enquiries:

Tom Hickey, Finance Director, Tullow Oil                020 7976 2600

Michael Ansell, Investec Henderson Crosthwaite          020 7597 5970

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