Transaction

Tullow Oil PLC
29 October 2002

29th October 2002



                TULLOW OIL ANNOUNCES TWO NORTH SEA TRANSACTIONS

Tullow Oil plc ('Tullow'), the independent oil and gas exploration, development
and production company, announced today that its wholly owned subsidiary, Tullow
Exploration Limited ('TEL'), has entered into two transactions, which
significantly enhance Tullow's acreage portfolio in the Southern North Sea Gas
Basin. Completion of the acquisitions is conditional upon the receipt of the
necessary consents of the Secretary of State for Trade and Industry.

Quadrant 44

TEL will acquire from GDF Britain Limited a 20% equity interest in Block 44/17b,
where it is planned to drill a well on the 'Monroe' Carboniferous prospect in
the first half of 2003. TEL considers Monroe to have similar potential to
Hawksley, one of the five Caister-Murdoch System ('CMS') III satellite fields
which are in close proximity to this prospect. TEL will have a pre-unitised
equity interest of 15% in the Monroe prospect, which straddles an adjacent block
held by TEL's CMS III partners.   In the event of a commercial discovery, the
development could be tied back to the CMS infrastructure for early production.

Quadrants 47 and 48

TEL will acquire from Conoco (U.K.) Limited a 20% equity interest in five blocks
or part blocks off the Lincolnshire coast: Blocks 47/19, 47/20, 47/24a, 47/25
and 48/16b.  A well is scheduled for  drilling on Block 48/16b in late  2002 to
test the 'Islay' prospect. The partnership is evaluating the need for additional
seismic over the acreage. Completion of this acquisition is conditional upon
completion of the Quadrant 44 transaction.

Commenting, Aidan Heavey, Chief Executive, Tullow, said: 'We are extremely
pleased with these transactions, which give us the opportunity to participate in
two North Sea exploration drilling opportunities in the short term. This
continues our North Sea strategy of expanding our existing core areas, where our
infrastructure ownership offers major advantages for the early exploitation of
any nearby discoveries.



For further information contact:



Tullow Oil plc                           Tel: [phone]

Aidan Heavey, Chief Executive
Graham Martin, Legal and Commercial Director

John Lander, Managing Director, Tullow Exploration Limited
 www.tullowoil.com



Binns & Co PR Ltd
Emma McCaffrey                     Tel: [phone]
Judith Parry                       Tel: [phone]
www.binnspr.co.uk





NOTES TO EDITORS

Tullow Oil plc is a UK registered company, quoted on the London and Irish stock
exchanges, and is one of the largest Independent Exploration and Production
companies in Europe. Tullow Oil is a dynamic player in the international oil and
gas industry. Its primary offices are in London (UK & Corporate) and Dublin
(International Business).

Tullow Oil has interests in 51 exploration and production licences spread over
three main areas - Indian Subcontinent, Africa, and Europe - and has regional
offices in each area. Tullow Oil operates the majority of its licences.




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