Result of EGM

Tullow Oil PLC 27 May 2004 FOR IMMEDIATE RELEASE 27 May 2004 (Not for release, publication or distribution in or into the United States, Canada Australia or Japan) TULLOW OIL PLC RESULT OF EXTRAORDINARY GENERAL MEETING The board of Tullow Oil plc ('Tullow' or the 'Company') is pleased to announce that at the Extraordinary General Meeting held today the Resolution put to Tullow Shareholders, inter alia, to approve, implement and effect the Offer by Tullow for the entire issued share capital of Energy Africa Limited ('Energy Africa') and the related Issue of up to 274,526,013 New Ordinary Shares in the share capital of the Company was duly passed as a Special Resolution. The relevant condition of the Offer has accordingly been satisfied and Tullow anticipates that the Offer will be declared wholly unconditional in all respects tomorrow and extended for a further 14 days until 11 June 2004. Application has been made to the UK Listing Authority and to the Irish Stock Exchange for the New Ordinary Shares to be admitted to the Official Lists and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on its market for listed securities. It is expected that Admission of, and commencement of dealings in, the Placing Shares will be effective from 8.00 a.m. on 28 May 2004; in the case of the Offer Shares and EAGHL Consideration Shares, it is expected that Admission and commencement of dealings will be effective from 4 June 2004. In the event that the Offer becomes or is declared wholly unconditional, Tullow intends to invoke the provisions of S440K of the Companies Act, 1973 (Act 61. of 1973) as amended, of South Africa, to acquire compulsorily the remaining Energy Africa Shares. Should S440K be invoked, and consequently Tullow acquires the shares of all the Energy Africa Shareholders in accordance with S440K, Energy Africa will apply to the JSE Securities Exchange to be delisted. Energy Africa will also apply for the delisting of the Global Depositary Shares from the Luxembourg Stock Exchange. Energy Africa Shareholders who have not yet accepted the Offer are, therefore, encouraged to complete the Form of Acceptance enclosed with the Offer Document and return it, together with supporting documents, to the transfer secretaries to the Offer, Computershare Investor Services 2004 (Proprietary) Limited, at PO Box 61051, Marshalltown 2107, South Africa as soon as possible and, in any event, before 11 June 2004. A copy of the Special Resolution passed today at the Extraordinary General Meeting of the Company has been submitted to the UK Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. Terms used in this announcement shall have the same meaning as in the Listing Particulars dated 4 May 2004 which were sent to Tullow Shareholders and Energy Africa Shareholders. The Listing Particulars and Circular posted to Tullow Shareholders are available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. - ENDS - Enquiries: Tullow Oil plc 020 7333 6800 Aidan Heavey Chief Executive Tom Hickey Chief Financial Officer Graham Martin General Counsel ABN AMRO Corporate Finance Limited 020 7678 8000 Richard Kent Hoare Govett Limited 020 7678 8000 Andrew Foster Davy Corporate Finance Ltd +353 1 679 6363 Hugh McCutcheon Citigate Dewe Rogerson 020 7638 9571 Martin Jackson Murray Consultants Limited + 353 1 498 0300 Joe Murray Each of ABN AMRO Corporate Finance Limited, Hoare Govett Limited and Davy Corporate Finance Ltd are acting for Tullow Oil plc and no one else in connection with the matters referred to above and will not be responsible to anyone other than Tullow Oil plc for providing the protections afforded to clients of ABN AMRO Corporate Finance Limited, Hoare Govett Limited and Davy Corporate Finance Ltd (as the case may be) nor for providing advice in relation to the matters referred to above. This announcement does not constitute an offer to sell or the solicitation of an offer to purchase or subscribe for any securities. The Offer is not being made, directly or indirectly, in, into or from the United States, Canada, Australia or Japan. This information is provided by RNS The company news service from the London Stock Exchange

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