Trading Statement

Tullow Oil PLC
11 July 2007

News Release

Tullow Oil plc - Trading Statement and Operational Update

11 July 2007 - Tullow Oil plc ('Tullow') issues this Trading Statement in
respect of the first half of the 2007 financial year and this Operational Update
in respect of recent Production, Development and Exploration activities.

The Trading Statement is in advance of the Group's Interim Results, which are
scheduled for release on Tuesday, 4 September 2007. The information contained
herein has not been audited and is subject to further review.

HIGHLIGHTS

Exploration

•   Ghana - Mahogany discovery - recent technical work indicates that there is 
    significant further upside potential above current market estimates and
    a material proportion of the trap is within the Deepwater Tano block.
•   Accelerated Ghana programme - the Belford Dolphin drill ship has been
    secured to drill a further well in the Deepwater Tano block in August this 
    year.
•   Uganda - Nzizi-2 - this appraisal well confirms the lateral extent of oil 
    bearing reservoir sands and tests an additional accumulation of gas at
    14mmscfd.
•   Uganda - rig contracted to drill the Ngassa and Kingfisher-2 wells later 
    this year.
•   Namibia - Kudu East appraisal campaign - the Kudu-8 well has commenced and 
    is currently drilling at 2,652m. The well is intended to test the multi-tcf 
    upside potential and is expected to reach the reservoir target at the
    end of July and start testing in August.

Production and Development

•   Working interest production averaged 69,700 boepd for the first half of 
    2007, 11% higher than the same period in 2006.
•   Production across the portfolio has been close to expectation with the 
    exception of the UK where delays to drilling programmes and the reallocation
    of capital, principally to Ghana and Uganda, have resulted in a reduction to
    2007 production forecasts.
•   The recent West Espoir (Cote d'Ivoire) and Okume Complex (Equatorial Guinea) 
    developments continue to deliver above expectation. The Thurne and
    Kelvin development projects in the UK are on schedule for first production 
    in Q4 2007.
•   Working interest production for the Group is currently 75,000 boepd and is 
    now expected to average 72-75,000 boepd for 2007.


Commenting today, Aidan Heavey, Chief Executive of Tullow said:

'Tullow's business has reached a new level in terms of scale and opportunity in
the first half of 2007. The Mahogany well in Ghana has provided the Group's
largest ever discovery, we have recorded excellent results from Uganda and our
African assets have delivered a strong production performance. Future capital
allocation will be focused on optimising returns and accelerating activities on
these high impact projects leading to a reduction in near term UK programmes and
production. Our key campaigns are delivering and we are confident of further
success in the second half of the year.'


Conference Calls

In conjunction with this announcement Tullow has scheduled two conference calls.
Details are included at the end of the release.

Trading Statement

Production

Group working interest production for the first half of 2007 averaged 69,700
boepd, 11% higher than the 2006 average. Sales volumes for the first half of
2007 averaged 61,500 boepd. A further breakdown of these figures is provided in
the Operational Update for each core area.

Production figures remain subject to final reconciliation and do not equate to
sales volumes. This is due to variations in lifting schedules and because a
portion of the production is delivered to host governments under the terms of
Production Sharing Contracts.

Following drilling delays on the Ketch field and the decision by Tullow to
terminate the Ensco 101 rig contract early due to a high rig rate, weaker gas
pricing and reallocation of capital, the average 2007 UK production forecast has
been reduced to 28,000 boepd.  This has resulted in a revised average Group
working interest production forecast for 2007 of 72-75,000 boepd.

Realised prices and oil discount

Average prices realised during the first half of 2007 continue to be strong.
Realised oil price was approximately US$61/bbl (pre hedges) and US$57/bbl (post
hedges) and realised UK gas price was approximately 24p/therm (pre hedges) and
36p/therm (post hedges).

During the first half of 2007 the Group's oil production sold at an average
discount of approximately 3% to Brent and this level of discount is expected to
continue for the remainder of 2007.

Overlift position

At 30 June 2007, Tullow was in a net overlift position amounting to an estimated
57,000 barrels, a reduction of 72,000 barrels since 31 December 2006. Movements
in overlift positions are recorded at market value and, combined with stock
movements during the period, give rise to a credit of approximately £2.6 million
to Cost of Sales.

Exploration Write-Off

Tullow's exploration write-off for the first half of 2007 is expected to be of
the order of £13.0 million. This write-off is principally associated with
unsuccessful exploration activities in the UK and new ventures activity during
the period.

Capital Expenditure

Exploration and appraisal success during the first half has led to additional
programmes and an upgrade to the full year expenditure forecast. Planned capital
investment during 2007 is now approximately £400 million. This investment will
be split 60% on production and development activities in the UK, Congo
(Brazzaville), Cote d'Ivoire, Equatorial Guinea, Mauritania, Bangladesh and
Pakistan with the balance focused on exploration activities. Future capital
allocation will be focused on optimising returns and accelerating activities on
high potential projects within the Group's international portfolio.

Net Debt

Net debt at 30 June 2007 was £505.4 million. The increase since the year-end was
due to drawdowns under the debt facility to partially fund the Hardman
acquisition which completed in early January 2007.

Derivative Instruments

At 30 June 2007 the Group's derivative instruments had a net negative mark to
market value of approximately £56.0 million.

Commodity Hedging

While all of the Group's commodity derivative instruments currently qualify for
hedge accounting, a charge of approximately £14.0 million (£10.0 million after
taxation credits) will be recognised in the income statement for the first half
of 2007. Most of the charge relates to the unfavourable movement in the
non-intrinsic (or time value) component of the oil hedges, most notably collar
structures.  These are largely due to the Brent forward oil prices improving
since the beginning of the year thereby conferring greater potential value to
the Group's hedge counterparties.

Commodity Hedging Summary

At 4 July 2007 the Group's hedge position to the end of 2009 was as follows:

Oil*                                                2H-07        2008         2009
Volume hedged (bopd)                                20,400       15,800       10,000
Average price of hedged volumes ($/bbl)             62.9         61.5         54.6

*Oil hedges include a legacy Energy Africa position of 4,000 bopd at $29.30
until end 2009

Gas                                                 2H-07        2008         2009
Volume hedged (mmscfd)                              88.8         61.2         16.4
Average value hedged volumes (p/therm)              39.5         44.3         43.1

Operational Update

1) EUROPE CORE AREA

Tullow's principal interests in Europe are in the Southern Gas Basin of the UK
North Sea. During the first half of 2007 Tullow completed a re-development well
on the Ketch field and commenced the development of the Kelvin and Thurne fields
which are due to come on stream in the second half of 2007.

Working interest production(1)                    H1 2007 Average (boepd)     Current Production (boepd)

CMS Area                                                   14,700            17,800
Thames-Hewett Area                                         12,320            10,700
UK Total                                                   27,020            28,500

(1) Includes condensate


Europe Production and Development

UK

During the first half of 2007, UK production averaged 27,020 boepd, 3% lower
than the corresponding period in 2006. This reduction was driven by delayed
completion of redevelopment wells within the Ketch field, conservative
production management in response to weaker gas pricing and planned maintenance
shutdowns occurring in June.  During 2007, Tullow has reduced its overall
capital allocation to the UK, reflecting the more attractive opportunities
available elsewhere in the portfolio and we expect this trend to continue.

With the exception of Ketch, production from the Thames-Hewett area and the
other CMS assets has been close to our expectations.

The re-development of the Schooner (Tullow 90.35%) and Ketch (Tullow 100%)
fields continued with the drilling of the Ketch-9 well.  The well reached a
depth of 15,810 ft in May and has penetrated 320 ft of good reservoir sands.  It
was brought on stream on 27 June at an initial rate of 23 mmscfd. The Ketch-9
well also successfully appraised the south-western flank of the field,
confirming the presence of undepleted reservoir sands and the potential for
additional reserves, however these sands are not being accessed by the current
well. Development of the south-western flank and the sidetrack and completion of
Ketch-8, which was previously drilled in the fourth quarter of 2006 encountering
good quality gas-bearing reservoir sands, will now be completed as part of a
follow-up drilling programme. The timing of this programme will be determined
based on future operating and fiscal conditions in the Southern Gas Basin.

Following project sanction in 2006, the Kelvin and Thurne developments are
progressing to plan. The Kelvin (Tullow 22.5%) jacket and topsides were
successfully installed during May 2007 and the Ensco 80 rig is expected to
commence drilling the development well in mid-July.  First gas is currently
expected in December 2007 with an anticipated initial gross production rate of
80 mmscfd.

The Tullow operated Thurne project (Tullow 87%), which is a single well
satellite tie-back to the Thames complex has been successfully drilled and
tested. The project is on schedule to produce first gas in August 2007 at a
gross rate of approximately 50 mmscfd.

Work also continues on the K4 discovery (Tullow 22.5%) and a proposal for the
development of the field as a tie-back to the ongoing Kelvin development is
expected during the third quarter 2007. The Wissey field development (Tullow
62.5%) was sanctioned in May 2007 with first gas expected in August 2008. The
development will involve the drilling of a single sub-sea well which will be
tied back to the Tullow-operated Horne & Wren facilities with initial gross
production expected to be approximately 55 mmscfd.

Europe Exploration and New Ventures

UK

In the first half of 2007, exploration wells were drilled on the Peveril and
Acer prospects in the Central North Sea and both were unsuccessful. An
exploration well on the Harrison gas prospect, adjacent to recent discoveries on
Kelvin and K4, will commence drilling in mid-July.  The final three wells in the
2007 campaign on the Doris, Aster and Morpheus prospects have been deferred and
are likely to form part of the 2008 programme.

In February, Tullow was awarded six exploration blocks in the 24th offshore
licensing round.  Four of the blocks lie in the Group's Thames-Hewett Area and
two in the CMS Area.  Tullow plans to acquire seismic data as a part of a full
evaluation of the potential of this acreage.

Portugal

In February 2007, Tullow was awarded three blocks in the undrilled Alentejo
Basin off the southwest coast of Portugal.  A detailed 2D seismic infill
programme across the acreage is planned for 2008.

2) AFRICA CORE AREA

Tullow's African production and development interests are in Gabon, Cote
d'Ivoire, Congo (Brazzaville), Equatorial Guinea, Mauritania, Namibia and
Uganda. Tullow also has exploration interests in Mauritania, Gabon, Senegal,
Cameroon, Uganda, Angola, Tanzania, Madagascar, Ghana, Cote d'Ivoire and Congo
(DRC).

In the first half of 2007 Tullow continued to invest in its producing and
development assets, which delivered strong production growth and performance.
Tullow's Africa production is now expected to average 40,000 boepd in 2007. The
exploration programme has also delivered significant discoveries in both Uganda
and Ghana.


Working interest production                       H1 2007 Average (boepd)     Current Production (boepd)

Congo (Brazzaville)                             5,760                        5,400
Cote d'Ivoire                                   5,980                        7,000
Equatorial Guinea                               9,990                        12,700
Mauritania                                      3,210                        2,300
Gabon
    Tchatamba                                   5,530                        5,200
    Niungo                                      5,480                        5,700
    Other Gabon                                 3,260                        3,900
Africa Total                                    39,210                       42,200


Africa Production and Development

Congo (Brazzaville)

Average gross production from the M'Boundi field (Tullow 11%) for the first six
months of 2007 was 52,300 bopd from 56 production wells. Water injection into
the field commenced in January 2007 and the current injection rate is 8,000 bwpd
into four wells.  Eight water injectors have been drilled to date and injection
is expected to increase to 60,000 bwpd by year-end. An initiative to optimise
field recovery was recently launched by the new operator, ENI.  This programme
aims to preserve reservoir energy by limiting gas production and accelerating
the water injection programme. While this has very positive long-term value,  in
the near term it is likely to result in lower average production rates of 45,000
bopd during the second half of 2007.

Equatorial Guinea

In the first half of 2007 two infill production wells and two water injection
wells were drilled and completed on the Ceiba field (Tullow 14.25%). Average
gross production of over 42,000 bopd exceeded expectations, primarily as a
consequence of better water injection performance and reservoir pressure
management. Two further producers and one injector are scheduled to be drilled
in the last quarter of 2007.

First oil from the Okume Complex (Tullow 14.25%) was achieved in December 2006.
To date, nine production wells and three water injectors have been drilled using
two rigs. Production performance has been extremely encouraging due to lower
than expected initial facility downtime and better reservoir performance,
particularly on the Elon field. Current production is approximately 40,000 bopd
from eight wells and will increase steadily to a plateau of 60,000 bopd in 2008.
In the second half of the year, four production wells will be drilled from the
Okume/Ebano platform and three water injection wells will be drilled from the
westernmost Elon platform.

Cote d'Ivoire

A workover programme on East Espoir (Tullow 21.33%) has successfully enhanced
production from two high water cut wells. The West Espoir (Tullow 21.33%)
drilling programme has continued ahead of schedule and to date, five production
wells have been completed, resulting in current production levels from both
Espoir fields of around 32,000 boepd. Four further West Espoir production wells
are planned in the second half of 2007.

Mauritania

The first Chinguetti field (Tullow 19.01%) infill well, C-18, came on production
on 14 March 2007.  This well has produced steadily averaging around 4,000 bopd.
Chinguetti gross field production for the first half of 2007 averaged 17,000
bopd, however following a recent two day shutdown of the field, production is
currently around 12,000 bopd due to gas lift problems.  Operations are under way
to restore production to pre-shutdown rates.

A 3D and 4D seismic survey of the Chinguetti field was conducted in March 2007
to establish better subsurface definition of the field and to examine the effect
of fluid behaviour within the reservoir since the start of production.  This
will allow optimal location of further infill wells which are now planned for
early 2008. This was followed by a 3D survey of the nearby Tiof field (Tullow
21.6%)  to gain improved subsurface definition as input to feasibility planning
for the field.

Gabon

Production from Gabon in the first half of 2007 averaged 14,000 bopd and is
currently approximately 15,000 bopd including the assets acquired in September
last year.

The new phase of appraisal and development drilling on the Niungo field (Tullow
40%) has enabled gross field production to be maintained at between 14,000 and
15,000 bopd. The rig is currently undergoing modifications but will return in
August/September to drill an exploration well on the M'Pano prospect in the
adjacent Nziembou Licence and further Niungo field development wells.  Tchatamba
(Tullow 25%) production was erratic in the first half of 2007 due to electrical
and mechanical problems, however it is now stable at around 22,000 bopd gross.
The Avouma field (Tullow 7.5%) in the Etame block, commenced production in
January 2007 and is now contributing around 6,700 bopd to the Etame Area
production of around 21,000 bopd.

On the exploration front, technical work is ongoing on the three Tullow-operated
offshore exploration licences, Azobe, Kiarsseny and Akoum, in preparation for a
planned 2008 drilling campaign. In addition, other potentially attractive
exploration opportunities are being examined with a view to expanding our
exposure to opportunities onshore Gabon.

Africa Exploration and New Ventures

Uganda

Following four successful exploration wells drilled in Block 2 in 2006, the
Kingfisher prospect in Block 3A was drilled and tested in early 2007.  The well
intersected three significant oil-bearing intervals and tested a total of 14,000
bopd. The well did not reach the primary Kingfisher deep target, a prospect with
500 million barrel upside potential, which has now been significantly de-risked
with the discovery of oil at two shallower intervals and will be drilled in
early-2008. 3D seismic is currently being shot over the Kingfisher area to
delineate the discovery and to define further targets for appraisal and
exploration drilling.

In Block 2, a three well appraisal programme in the Kaiso-Tonya area commenced
in May with the drilling of the Nzizi-2 well. This appraisal well was successful
in confirming sand development and oil accumulations to the southwest of
Nzizi-1, along with the presence of very productive dry gas.

The well encountered four hydrocarbon bearing zones. The deepest zone at 950m is
a high-risk basement play, which is believed to occur extensively across the
Albertine Basin.  This zone did not flow oil on simple test, nonetheless this
oil bearing play is still considered a significant long-term upside exploration
objective. The second zone, a 2m oil bearing sand was sampled during logging and
indicated moveable oil in a reservoir with high permeability.  The third zone, a
5m thick zone at 800m, flowed dry gas at a rate of 14 mmscfd.  Opportunities to
utilise the gas as an energy input for the Early Production System will now be
studied. A fourth zone, 4m thick at 675m, flowed oil though the reservoir
pressures at this depth are not sufficient to produce to surface without
artificial lift.

The rig will now move to Mputa-3 then Mputa-4 to appraise and test the Mputa
field area. This data will be integrated with new 3D seismic data that will have
been acquired by year-end.

A more powerful rig, the Nabors 221, is being mobilised to Uganda to drill the
Ngassa-1 exploration well in September 2007 and the Kingfisher-2 well at the end
of the year. The seals in the Ngassa prospect have also been de-risked by the
presence of effectively trapped gas in Nzizi-2. This structure has upside
potential of 900 million barrels at a depth of 4000m.

Elsewhere in Uganda, leads have been identified in the Waki-Butiaba area further
northeast in Block 2 and in neighbouring Block 1 through the ongoing 2D seismic
programme. A review of oil migration pathways has de-risked some of the leads
and the recent seismic survey demonstrates analogues to the successful traps in
the Kaiso-Tonya area. Infill seismic is being acquired to refine drilling
prospects and a light rig is being considered to start an exploration campaign
in this area in early 2008.

Namibia

Agreement was reached in April 2007 to sell Itochu Corporation a 20% interest in
the Kudu Production Licence No. 001, which contains the Kudu gas field. To earn
the 20% interest, Itochu will pay 40% of the cost of two appraisal wells.  In
addition, Itochu will make further financial payments depending on the ultimate
volume of reserves developed and will provide Tullow with beneficial development
financing for the project.  After receiving partner and Government approvals,
the assignment agreement was signed on 27 June 2007 with an effective date of 1
January 2007.

The two-well appraisal programme, which commenced in May, aims to establish
commercially productive flow rates from the extensive Kudu East reservoir
originally tested by the Kudu-5 well in 1998. If potentially commercial flow
rates are achieved, a multi-tcf upside play will be substantially de-risked,
thereby increasing the development options available for the Kudu field.  To
date, the first well, Kudu-8, has drilled to a depth of 2,652m and should reach
the reservoir target at the end of July and total depth in mid-August, after
which it will be tested.

Discussions are under way with Nampower and Eskom with a view to combining the
previously planned Gas to Power project with a pipeline to South Africa to allow
direct gas export.

Ghana

The high impact Mahogany-1 exploration well offshore the Republic of Ghana was
drilled to a total depth of 3,826m. The well, which represents the largest ever
discovery offshore Ghana, has been suspended for potential re-entry and the
drill ship moved off location on 29 June.

The well has discovered a significant accumulation of 37 degrees API oil in a 
large stratigraphic trap which straddles both the West Cape Three Points (Tullow
22.9%) and Deepwater Tano Blocks (Tullow 49.95%). The well has encountered a
gross hydrocarbon column of 270m and net stacked pay of 95m and did not
encounter a definitive oil-water contact.  Pressure and sampling data from the
well indicates that a production well at this location would be capable of
flowing in excess of 15,000 bopd.

Since the initial discovery, additional technical work has been undertaken to
tie the well data to the 3D seismic data that covers both blocks. Remapping the
trap, incorporating the well data and calibrating a pronounced seismic amplitude
anomaly indicate that there is the likelihood of significant further upside
potential and that a material proportion of this accumulation is likely to be
located within the Deepwater Tano block.

The discovery now needs to be appraised with further drilling and the joint
venture plans to accelerate the programme by securing the Belford Dolphin drill
ship to drill a well in the Deepwater Tano block this August. Further drilling
activity is also under consideration on both the West Cape Three Points and
Deepwater Tano blocks for later in the year.

Tullow is also investigating the follow-on potential in the region.  Technical
work is ongoing to understand the implications of the Mahogany discovery for
numerous other prospects in both blocks already identified on 3D seismic.  The
prospects will then be considered for inclusion in a campaign for this region in
2008.

Elsewhere in Ghana, an appraisal well on the North Tano (Tullow 31.5%) oil/gas
discovery on the Shallow Water Tano licence is planned for August.

3) SOUTH ASIA CORE AREA

In South Asia, Tullow has exploration, development and production interests in
Pakistan and Bangladesh and exploration interests in India.  The Field
Development Plan for the Bangora/Lalmai field was approved by the Bangladesh
Government in May 2007. In India and Pakistan plans are under way for a
multi-well exploration drilling campaign to commence later this year.

Working interest production                     H1 2007 Average (boepd)   Current Production (boepd)

Pakistan                                                  220                         400
Bangladesh                                               3,210                       3,500
South Asia Total                                         3,430                       3,900

South Asia Production and Development

Bangladesh

Following the Declaration of Commerciality on the Bangora/Lalmai field (Tullow
30%) in December 2006, the Bangora-5 well was spudded in early January 2007. The
well encountered gas in all reservoir horizons and flowed at a maximum rate of
73 mmscfd and has now been successfully completed and tied into the main Bangora
production facility.  Three wells are now available for production and the flow
rate has increased to 70 mmscfd.  The Field Development Plan for Bangora/Lalmai
was approved by the authorities in May 2007, and plans are underway for the next
phase of development.

Pakistan

Construction of the Chachar Gas Plant (Tullow 75%) is nearing completion and
commissioning has now commenced, with gas introduced for testing the system on 8
July 2007.  It is anticipated that gas production at a gross rate of
approximately 25 mmscfd will commence towards the end of the month.

South Asia Exploration and New Ventures

Pakistan

Processing and interpretation of data from the Kohat Block (Tullow 40%) has been
completed and has resulted in the identification of two material drillable
prospects. Work on preparation for a drilling programme, to commence in Q4 2007,
is well advanced. Plans have also been formulated to commence work on the
Kalchas Block (Tullow 30%) later this year.

India

Exploration on Block CB-ON/1 (Tullow 50%) in the Cambay Basin is one of Tullow's
four key campaigns for 2007.  Processing and interpretation of data covering a
number of prospects has been completed and several drilling locations have been
identified.  Planning is well advanced for a drilling campaign in the fourth
quarter of 2007 to test a variety of play types which occur to the north and
south of the CB-ON/1 block. A seismic infill programme is currently under way
with a view to working up some additional identified leads into drillable
prospects.

Bangladesh

In Block 17 & 18, a 3 year licence extension was approved by the Government in
March 2007, together with an assignment of 60% equity to Total. Plans are well
advanced to conduct a 3D seismic programme in late 2007 / early 2008.

4) SOUTH AMERICA CORE AREA

In the West Atlantic, Tullow has exploration interests in Suriname and French
Guiana and has been invited to negotiate Production Sharing Contracts for two
key blocks offered in Trinidad's 6th exploration licensing round.

South America Exploration and New Ventures

Trinidad

Tullow was the successful bidder for two blocks offered in Trinidad's 6th
exploration licensing round. Negotiations are in progress to agree Production
Sharing Contracts for these blocks.

Tullow, as operator, bid jointly with Centrica for offshore Block 2a/b (Tullow
32.5%). This 1,605km2 block lies off the East Coast of Trinidad in shallow water
and is on trend with a number of producing oil and gas fields, notably the
Angostura development.

The 1,193 km2 Guayaguayare Block (Tullow 65-80%) with both offshore and onshore
acreage lies in southeast Trinidad and is adjacent to a number of producing oil
fields.

Suriname

Tullow executed Production Sharing Contracts for two onshore blocks in Suriname
on 13 February and has a 36.5% working interest in each. The Uitkijk and Coronie
blocks have a total area of 3,326 km2 and lie adjacent to the country's main
producing oil field, Tambaredjo.  Exploration drilling in the Uitkijk block is
anticipated to commence this month.

French Guiana

Tullow holds a 77.5% working interest in French Guiana's sole offshore licence.
The licence is areally extensive (35,221 km2) and contains the large Matamata
prospect. Plans are currently being advanced for a deep-water exploration well.

                                      ENDS

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc                     Citigate Dewe Rogerson              Murray Consultants
([phone])                 ([phone])                  ([phone])
Aidan Heavey                       George Cazenove                     Joe Murray
Tom Hickey
Chris Perry


CONFERENCE CALLS

Conference calls hosted by Aidan Heavey (Chief Executive), Paul McDade (Chief
Operating Officer), Angus McCoss (General Manager Exploration) and Tom Hickey
(Chief Financial Officer) will be held today at 09:30 (BST) and 15:00 (BST):

09:30 UK/European Conference Call

For UK and international participants please call [phone] and request
to be connected to the Tullow Oil teleconference.

For participants in Ireland, please call [phone]

A replay facility will be available from one hour after the conference call for
seven days.  Please call [phone], access code: 7374165#.

15:00 US Conference Call

Please call [phone] and request to be connected to the Tullow Oil
teleconference.

A replay facility will be available from one hour after the conference call for
seven days.  Please call [phone], access code: 3757574



Disclaimer

This announcement contains certain operational and financial information in
relation to the first half of 2007 that is subject to final review and has not
been audited. Furthermore it contains certain forward-looking statements that
are subject to the usual risk factors and uncertainties associated with the oil
& gas exploration and production business. Whilst the Group believes the
expectations reflected herein to be reasonable, the actual outcome may be
materially different owing to factors either within or beyond the Group's
control, and accordingly no reliance may be placed on the figures contained in
such forward looking statements.



For further information please refer to our website at www.tullowoil.com




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