Result of Equity Issue

Tullow Oil PLC
24 August 2000


RESULT OF OPEN OFFER

INTRODUCTION

On 31 July 2000, Tullow Oil  plc (the 'Company') announced a placing (the
'Placing') of 77,000,000 new ordinary shares of Euro 0.13 each ('New Ordinary
Shares') at Stg 57.5p (Euro 0.93, IR 73.24p) per share ('the Issue Price') and
an open offer of 39,322,026 of those New Ordinary Shares ('Open Offer Shares')
(the 'Open Offer').

Pursuant to the Open Offer, qualifying shareholders were invited by Investec
Henderson Crosthwaite (a division of Investec Bank (UK) Limited), as agent for
the Company, to apply for up to 39,322,026 New Ordinary Shares on the basis of
1 Open Offer Share for every 7 existing Ordinary Shares of Euro 0.13 each held
at the close of business on 24 July 2000.

RESULT OF THE OPEN OFFER

The Open Offer closed at 3.00 p.m. on 22 August 2000. The Company announces
that valid applications have been received for 29,189,024 Open Offer Shares,
representing 74.23 per cent. of the Open Offer Shares. 

The 10,133,002 Open Offer Shares not taken up by qualifying shareholders and
the remaining 37,677,974 New Ordinary Shares, which were not the subject of
the Open Offer, have been conditionally placed at the Issue Price by Investec
Henderson Crosthwaite.

The Placing and the Open Offer remain conditional, inter alia, upon
shareholder approval, which is to be sought at the extraordinary general
meeting of the Company to be held on 25 August 2000, and on admission of the
New Ordinary Shares to the Official Lists of the UK Listing Authority and the
Irish Stock Exchange, which is expected to take place on 29 August 2000.

Enquiries:

Tullow Oil plc
Aidan Heavey, Chief Executive, (020 7389 0300)
Tom Hickey, Finance Director (020 7389 0300)

Investec Henderson Crosthwaite
Nigel Tose, Director  (020 7597 5970)