Statement re Suspension

Tullow Oil PLC
15 December 2000

15 December 2000


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

Suspension of trading in Tullow shares

At the request of the Company, the London Stock Exchange suspended trading in
shares in Tullow at 7.30 a.m. today.

The suspension has been granted in order to allow the implementation of a
scheme of arrangement under Section 201 of the Companies Act, 1963 of Ireland
whereby a new UK incorporated company ('NewCo'), also called Tullow Oil plc,
will become the new holding company for Tullow and its subsidiaries.

Following the suspension, Tullow's register will be closed and the entire
issued share capital of Tullow will be de-listed at 8.00 am on Monday, 18
December 2000. Registered holders of shares in Tullow at this time will
receive one NewCo share for each Tullow share held.

Trading in the shares of NewCo will commence at 8.00 am on Monday, 18 December
2000.

NewCo share certificates will be posted to shareholders who hold their Tullow
shares in certificated form by Friday 29 December 2000. Shareholders holding
their Tullow shares in CREST will have their accounts credited with NewCo
shares.


Enquiries:

Tom Hickey, Finance Director, Tullow Oil

020 7976 2600


Michael Ansell, Investec Henderson Crosthwaite

020 7597 5970


END