UKCS Acreage Swap

Tullow Oil PLC
10 March 2003

Tullow Oil plc
10th March 2003

TULLOW AGREES UKCS ACREAGE SWAP WITH SHELL

PARTICIPATION IN EXPLORATION WELL CLOSE TO THE BUZZARD FIELD

Tullow Oil plc ('Tullow') today announced that its wholly owned subsidiary,
Tullow Oil UK Limited ('TOUK'), has agreed to swap a 25% interest in its
Southern Gas Basin Block 53/4a (Licence P039, excluding the producing Welland
field) for Shell's entire 24.805% interest in Inner Moray Firth Block 20/7a
(Licence P272), situated 18km east of the Buzzard field. TOUK will retain a 50%
equity holding and operatorship in Block 53/4a, which contains the undeveloped
Wissey gas discovery. Shell's interest in 20/7a is held by its wholly owned
subsidiary Enterprise Oil U.K. Limited. Completion of the acreage swap is
subject to certain rights of existing equity holders in the licences, and
approval of the Secretary of State for Trade and Industry.

An exploration well, 20/7a-4, which spudded on 9 March,  will test the 
'Squirrel ' prospect, which has a reserve potential of up to 100mmbbl of oil. 
The well is anticipated to take 30 days to reach total depth.

John Lander, TOUK's Managing Director, stated: 'This transaction is another step
in TOUK's desire to expand its North Sea interests beyond the Southern Gas Basin
and into the oil provinces of the Moray Firth and Central North Sea. In this
case it gives the company early exposure to the exciting exploration trend that
contains the Buzzard field. Equally, Shell's participation with us in Block 53/
4a gives us the opportunity to work together on the potential development of a
number of discoveries where we have a common interest, such as the Horne and
Wren discoveries, as well as Wissey.'


For further information contact:

Tullow Oil plc                        Tel: [phone]

Tom Hickey, Finance Director
Paul McDade, Operations and Technical Director, TOUK
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 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 54 exploration and production licences spread over
three main areas - South Asia, Africa, and Europe. It has regional offices in
South Asia and Europe and is planning to open one in West Africa.




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