UK Transactions

Tullow Oil PLC
22 March 2004

Tullow Oil plc
22nd March 2004

                      Tullow Oil Announces UK Transactions


Tullow Oil plc, the independent international oil & gas exploration and
production company, announces the following UK Southern North Sea transactions
entered into by two wholly owned subsidiaries ('Tullow'):

Acquisition of Additional Equity in the Orwell Gas Field

Tullow has entered into an agreement with ChevronTexaco to acquire its 50%
equity in the licence that contains the Orwell gas field (Block 50/26a).  Tullow
will, on completion, own a 100% interest in Orwell and its associated export
pipeline.  Tullow is the current operator of the field.

The Orwell field, situated close to the Anglo-Dutch median line, just 15km from
the nearest Dutch pipeline infrastructure, is linked to the Thames platform
system.  Orwell gas is processed and compressed on the Thames facilities (67%
Tullow interest) before being exported to the onshore Bacton terminal (Tullow
operated, 39% interest).

The total consideration for the transaction is £14.3 million (£9.4 million net
of tax benefits derived from the transfer of capital allowances), with an
effective date of 1 October 2003.  The net consideration payable by Tullow will
be adjusted to reflect revenues and costs accruing to the interest since the
effective date.  The net remaining reserves attributed to the acquired interest
at the effective date are estimated at 15.6 bcf of sales gas.  Gas associated
with this interest is uncontracted.

Completion of the transaction is anticipated to occur during the second quarter
of 2004 subject to the necessary governmental and co-venturer approvals.

Acquisition of Additional Equity in the 'Blythe' and 'Fizzy' Gas Discoveries
from ExxonMobil

Tullow has completed an agreement with ExxonMobil to acquire an additional 35%
interest in, and operatorship of, Block 50/26b.  This takes Tullow's interest to
100% in the Block, which contains a sizeable gas discovery known as 'Fizzy'.
The discovery, which lies 12km south of the Orwell field, has a high inert gas
content, but also about 130 bcf of methane gas.  Tullow is currently
investigating potential development scenarios for this discovery through the
Orwell system and back to the Tullow operated Bacton onshore terminal.

Tullow also acquired 100% of Block 48/22a and the 20% of Block 48/23a not
already owned by Tullow.  These Blocks contain the 'Blythe' Gas discovery and
are located adjacent to the Tullow operated Hewett infrastructure which is
linked to the Tullow operated Bacton plant.  Possible tie-back development
options are currently under review.

The consideration for the deals comprises an initial payment of £10,000, the
assumption of all licence obligations, and the award of an overriding royalty to
ExxonMobil on potential future production from Blythe in excess of 80 bcf of
reserves.

Commenting on the transactions, Aidan Heavey, Tullow Chief Executive stated:



'These two deals further consolidate Tullow's position in our SNS Core Area gas
assets at a time when the depletion of UK gas reserves is placing upward
pressure on prices and increasing the strategic value of gas infrastructure.
This move allows Tullow to actively manage production, development, exploration
and commercial activities throughout our SNS Core Area acreage. The value added
by Tullow since acquiring the assets in 2001 shows the benefits of an
independent focus in a mature area and we are hopeful that the ultimate
development of Blythe and Fizzy will provide further evidence of this.'

For Further Information Contact:

Tullow Oil plc ([phone])
Aidan Heavey
Tom Hickey
John Lander

Citigate Dewe Rogerson ([phone])
Martin Jackson

Murray Consultants ([phone])
Joe Murray

Notes for Editors

Tullow Oil plc is one of the leading Independent International Oil & Gas
Exploration and Production companies in Europe. Tullow is quoted on the London
and Irish stock exchanges (symbol TLW) and is a member of the FTSE 250 Index.

Strategy

Tullow's strategy is to build strong and secure cash flow from low risk
production acreage while applying discretionary funds to exploration territories
with high potential. These activities will be undertaken in a manner that
reflects a genuine concern for the environment and the health and safety of all
personnel.

Production and Development Assets

Tullow has interests in over 50 exploration and production licences spread over
three core areas:  UK North Sea, West Africa and South Asia.

In the North Sea, Tullow's principal interests are in the CMS (where Monroe
exploration well is currently drilling) and the Thames/Hewett group of licences
in addition to the operatorship of the Bacton onshore gas-processing terminal.

The Espoir field in Cote d'Ivoire, West Africa, is Tullow's principal source of
international production.  Tullow is also active in exploration and development
programmes in Cameroon and Gabon.

In South Asia, Tullow has production and exploration interests in Pakistan and
exploration activities in India.  In Bangladesh, a three well drilling programme
in Block 9 is under way;

For further information see www.tullowoil.com


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