12th Mar 2008 07:01
Tullow Oil PLC12 March 2008 Transformational year with major exploration success 12 March 2008 - Tullow Oil plc ('Tullow'), the independent oil and gasexploration and production group, announces its results for the year ended 31December 2007. Results Summary 2007 was an exceptional year for Tullow. The Group recorded its largest everdiscovery, the Jubilee field offshore Ghana, continued its successfulexploration in Uganda and generated record production, sales revenue, operatingcash flow and growth in reserves and resources. • The financial performance of the Group overall was good, including operating cash flow before working capital of £474 million, despite lower profit which was principally impacted by lower UK gas prices, an increased depreciation charge, exploration write-offs and interest charges; • Tullow's African assets have transformed the Group's business, driven by exceptional exploration success in Ghana and Uganda and strong production growth, up 21% to 40,300 boepd; • The UK delivered a strong operational performance, with broadly stable production, two new field developments and a successful gas discovery; and • South Asia reported a 154% increase in average production from gas field developments in Pakistan and Bangladesh. A high impact exploration campaign in India will commence in Q2 2008. 2007 2006 ChangeProduction (boepd, working interest basis) 73,100 64,720 +13%Realised Oil Price per bbl (US$) 62.7 52.2 +20%Realised Gas Price (pence per therm) 37.3 46.2 -19%Sales Revenue (£m) 639.2 578.8 +10%Operating Profit (£m) 189.0 262.6 -28%Profit before Tax (£m) 114.2 263.3 -57%Basic Earnings per Share (pence per share) 7.10 24.23 - 71%Final Dividend per Share (pence per share) 4.00 3.50 +14%Operating Cash Flow before Working Capital (£m) 473.8 446.7 +6% Outlook • The sale of the M'Boundi field in Congo (Brazzaville) for a total cash consideration of US$435 million was announced in January 2008, with a substantial profit expected in 2008; • A 2010 first oil date is targeted for the Jubilee field with Tullow as field Operator. The 2008 five-well appraisal programme is under way and the Eirik Raude rig has been contracted for up to five years; • The Jubilee and Odum discoveries in Ghana have opened up new geological plays in the region and at least two exploration wells each targeting prospects with 500 million barrel upside potential are planned in the next year; and • A major drilling campaign in the Butiaba area of the Lake Albert Rift Basin is scheduled to commence in April 2008, targeting overall reserve potential in excess of a billion barrels. Commenting today, Aidan Heavey, Chief Executive, said: "Exceptional exploration success, and strong production in 2007 have created anopportunity to deliver a transformational step change to our business. Our keypriorities for 2008 are to appraise both the Jubliee field in Ghana and the LakeAlbert Rift Basin in Uganda, while also testing the significant explorationpotential of our wider portfolio. Tullow has the capability to growsubstantially in the coming years and I believe we have the strategy, the assetsand the team to achieve this. The outlook for 2008 and beyond is extremelypromising." Presentation, Webcast and Conference Calls: In conjunction with these results,Tullow will conduct a presentation in London and a number of events for thefinancial community. Details are available on page 22 of this announcement andin the 2007 Results Centre on the Group's website at www.tullowoil.com. Operations Review Tullow's strategy takes a long-term view with continual investment to grow thevalue of the business; this strategy which delivered once again in 2007. Remarkable exploration success The highlight of 2007 performance was undoubtedly the remarkable success of theGroup's exploration and appraisal programmes in Ghana and Uganda. In Ghana, thediscovery of the Jubilee field, with the Mahogany-1 and Hyedua-1 wells, providesa high degree of confidence that Tullow may have uncovered not just a worldclass discovery but also a major new oil province in which we are the dominantacreage holder. Our priority for 2008 will be to rapidly appraise the existingdiscovery while also testing some of the more material regional explorationprospects. In parallel, the field partnership is working on plans for a phaseddevelopment of the field targeting first oil in 2010. A high capabilitysemi-submersible drilling rig has been contracted for a minimum of three yearsto help achieve this goal. In Uganda, Tullow invested over US$100m (£50 million) in exploration andappraisal activities in the Lake Albert Rift Basin during the year. Theknowledge and confidence generated by success to date has led to plans to investover US$200 million (£100 million) there in 2008. This expenditure will befocused on onshore and offshore drilling, seismic surveys and the anticipatedsanction of an Early Production System (EPS). Uganda has the potential to morethan double Tullow's worldwide reserve base and make a material long-termcontribution to the country's economy. The Group had a 56% exploration success rate during the year though there weresome disappointments, notably the outcome of Kudu-8 offshore Namibia. Althoughthe well found gas as anticipated, reservoir quality at that location would notsupport commercial flow rates. Strong portfolio performance Our producing assets performed strongly during 2007, lifting group output toover 73,000 boepd and allowing Tullow to capitalise on oil prices thatapproached record levels at times during the year. Production was veryencouraging in Africa, particularly from the Okume development in EquatorialGuinea, while in the UK a reduction of investment in response to gas marketconditions meant that production remained stable. As we grow, we continue tofocus on ensuring that our resources, both human and financial, are beingapplied in an optimum manner to the best opportunities available to the Group. Africa: Strong future growth platform 2007 Key statistics Total production Total reserves and Sales revenue Total 2007 Employees 40,300 boepd resources £371.9 million investment 101 464.3 mmboe £236.6 million 2007 Highlights • Production averaged 40,300 boepd, 21% above 2006 levels; • World class oil discovery offshore Ghana with 1.3 billion barrel potential, 80 mmbo net resources booked at end 2007; and • 100% success rate in Uganda with four discoveries; significant ongoing programme to appraise ultimate potential of up to 1 billion barrels. 2007 Performance Our African business continues to grow rapidly and highlights for the year,along with the exploration success in Ghana and Uganda, included the exceptionalperformance of the Okume development and the Ceiba field in Equatorial Guinea,where gross production recently exceeded 115,000 bopd, and the ongoingsuccessful infill drilling programme in the Espoir field, Cote d'Ivoire. Theperformance of these assets more than offset the impact of disappointingproduction and reserve performance from the Chinguetti field in Mauritania. Ghana In the deepwater Tano Basin, the Mahogany-1 well on the West Cape Three Pointsblock was drilled in June followed by the Hyedua-1 well on the adjacentDeepwater Tano block in August. Based on the technical work undertaken to date,the proven recoverable resources of the field are estimated at 170 millionbarrels, while the ultimate upside potential is estimated to be in excess of onebillion barrels. Up to five appraisal wells are planned on the field in 2008 using two of therigs under contract. The objective of this programme is to increase the provenresource base of the field and to collect additional geological and engineeringdata to support development planning and activities. The first exploratoryappraisal well, Mahogany-2 commenced this month. The operator structure is now in place and Tullow has been designated as thefield Operator. With the support of the Government of Ghana, a phaseddevelopment is planned with a first oil target of 2010. Screening studiesindicate that the most suitable development scheme is likely to involve aFloating Production Storage Offtake vessel (FPSO) highly suited to fast-trackdevelopment. In February 2008 a further rig, the Eirik Raude, a fifth generationsemi-submersible rig was contracted for a development drilling programme of upto five years which is scheduled to start in late 2008. The Jubilee discovery has opened up a new hydrocarbon province and Tullow plansto drill further exploration wells. The first well was drilled in February 2008on the Odum prospect in the West Cape Three Points block. The well encountered a60 metre oil column and is considered to be a commercial discovery as it islocated only 13 kilometres from the Jubilee field. Further high impact prospectshave been identified in the deepwater region and at least two of these, Teak andTweneboa, are expected to be drilled within the next 12 months. Each of theseprospects has upside potential in excess of half a billion barrels. In addition to the deep water programme, Tullow is planning to drill its secondwell on the Shallow Water Tano licence during 2008. The first well, drilled inSeptember 2007, was unsuccessful and was plugged and abandoned. The second wellwhich will be drilled on the Ebony prospect will target a geological playsimilar to the Odum discovery. Uganda and Congo (DRC) Tullow undertook an extensive exploration, appraisal and testing campaign in theLake Albert Rift Basin of Uganda during 2007. All four wells drilled during theyear encountered oil and an aggressive campaign is planned for 2008 focused ononshore and offshore drilling, seismic surveys and the anticipated sanction ofthe EPS. Overall, this programme is targeting significant oil resources with theultimate aim of exceeding the threshold required for full development and exportto international markets. Tullow is working closely with the Ugandan Government to achieve firstproduction from the region via an EPS in the second half of 2009. The EPS willproduce 4,000 bopd to a new processing facility and power generation plant. Recent onshore drilling activity has focused on the high impact Ngassa welltargeting the largest structure in the basin with upside potential of 900million barrels. The well commenced in November 2007 but drilling difficultiesresulted in the well being suspended in February 2008. The substantial primaryand secondary oil objectives remain undrilled and it is now planned to drillNgassa from an alternative location. Both onshore and offshore sites are beingconsidered. In the onshore Butiaba region of Block 2 and Block 1, numerous prospects havebeen identified following analysis of recently acquired 2D seismic. The resultsindicate considerable prospectivity and a light rig, the OGEC 750, has beencontracted to drill a programme of approximately eight wells commencing in April2008. This campaign will begin with the drilling of the Taitai prospect(previously Waki-2) and is targeting overall reserve potential in excess of abillion barrels. In Block 3A the Kingfisher prospect, with 300 million barrel upside potential,was drilled and tested in early 2007. The Kingfisher-1 well intersected threesignificant oil-bearing intervals and tested at flow rates in excess of 14,000bopd, however the well did not reach the primary target. The Kingfisher-2appraisal well is expected to commence in the second quarter of 2008 and theNabors 221 rig is currently being mobilised from the Ngassa-1 drill site. Therecently acquired 3D seismic has also identified a number of additional offshoreprospects. Work is also at an advanced stage to contract a rig to drill the offshoreprospects in Blocks 3A and Block 2. In addition to Ngassa and Kingfisher, theoffshore Pelican prospect in Block 3A, recently covered by 3D seismic, islooking particularly encouraging with amplitude anomalies potentially indicativeof hydrocarbons. It is expected that the first offshore well will spud in early2009. Tullow also has interests in two prospective blocks on the Congo (DRC) side ofthe Lake Albert Rift Basin, adjacent to the Group's Ugandan acreage. Tullow iscurrently awaiting a Presidential Decree on these blocks before any explorationwork can commence and the full potential of this acreage can be realised. Thevalidity of the award of these licences is currently being disputed by theCongolese Oil Ministry; this is being vigorously defended by Tullow and itspartner. Congo (Brazzaville) In January 2008, Tullow announced the sale of its 11% interest in the M'Boundifield to the Korea National Oil Company (KNOC) for a total cash consideration ofUS$435 million (£218 million). The deal is subject to partner pre-emption andapproval from the Government with the completion of the transaction expected bymid-year 2008. A substantial profit is expected in the 2008 financialstatements. Equatorial Guinea The Okume Complex in Equatorial Guinea achieved first oil in December 2006.Production performance since first oil, particularly from the Elon field, hasexceeded expectations. In 2008, the complex is expected to achieve an averageannual gross production of over 60,000 bopd and an injection rate in excess of100,000 bwpd. Production from Okume and Ceiba is blended and exported via the Ceiba FPSO andin March 2008 gross oil production through the processing facilities exceeded115,000 bopd for the first time. Cote d'Ivoire During 2007 a very successful development drilling programme was completed onWest Espoir resulting in average gross production of 10,000 boepd from thisfield alone. Gross production from East Espoir averaged 20,000 boepd in 2007 andtotal gross production from both fields is expected to be maintained atapproximately 30,000 boepd during 2008. Current activity on Tullow's exploration licences is focused on identifying thehighest quality prospects for drilling in 2009 and 2010 and includes acquisitionand processing of large volumes of high quality 3D seismic data. Mauritania and Senegal Gross production from the Chinguetti field (Mauritania) declined graduallythroughout the year to approximately 12,000 bopd by year-end. This wassignificantly below expectations and following a review of reservoirperformance, ultimate net recoverable reserves have been downgraded by 50%. The 2007 exploration work programme focused on the assessment of Tullow'sexpanded portfolio covering both Cretaceous and Tertiary plays. A drillingcampaign commenced in February 2008 with the Khop well in Block 6 which istargeting Cretaceous reservoir intervals. This reservoir is potentially morematerial than the shallower Miocene plays previously drilled in the region.Recent exploration work has also identified further prospectivity in an untestedsubsalt play with very significant resource potential. These leads and prospectswill be subject to additional technical validation over the coming months andmay form part of a 2009 drilling campaign. The 2008 seismic programme includes a 3D seismic survey straddling the boundarybetween Block 1 in Mauritania and the St. Louis block in Senegal and thereprocessing of seismic data acquired across Blocks 2 and 7. Gabon Net production from Tullow's Gabon assets averaged 14,800 bopd in 2007 and iscurrently over 15,000 bopd. The outlook for 2008 is positive, with two newfields, Onal and Ebouri, expected to come on-stream, offsetting the naturaldecline from existing fields and sustaining average production above 14,000bopd. Tullow's only exploration well in Gabon during 2007 was M'Pano-1 in the Nziemboulicence adjacent to the Niungo field. The well found excellent quality reservoirbut was dry. An extension to the exploration licence has been requested from theauthorities. Namibia The Kudu-8 appraisal well, designed to test the Kudu East reservoir within thegreater Kudu field area, was completed in September 2007. While the wellencountered gas bearing sands, the interpretation of data indicated that thereservoir would not flow at commercial rates and the well was plugged andabandoned. Whilst a disappointment for both Tullow and its partners, the result of the wellhas not impacted our plan to commercialise the existing proven gas resources. Inaddition, we are completing technical work to determine the future explorationwork programme and remain optimistic as to the potential for additional gas tobe discovered in the region. 2008 Outlook Tullow plans to invest over £325 million in its African business during 2008.Approximately 35% of this will be spent on the exploration, appraisal anddevelopment programme in the Group's Ghanaian acreage with the aim of approvingfull field development during 2008. Activities in Uganda will focus onaccelerated exploration and appraisal of the Butiaba area along with projectsanction and the commencement of EPS development work and the drilling of thehigh impact Kingfisher well. Elsewhere in Africa, ongoing seismic surveys and technical work are likely tolead to 2009 drilling in Tanzania, Madagascar, Mauritania, Angola and Gabon. 2008 production for Africa is expected to average approximately 42,000 boepd,before accounting for the M'Boundi field disposal, which is expected to becompleted by mid-year 2008. EUROPE: Volatile UK gas market but outlook positive 2007 Key statistics Total production Total reserves and Sales revenue Total 2007 Employees 28,500 boepd resources £258.8 million investment 145 66.7 mmboe £116.3 million 2007 Highlights • Production averaged 171 mmscfd, 4% below 2006 levels; • Two new gas fields, Thurne and Kelvin, brought onstream; • Exploration success with the Harrison gas discovery; and • Expansion of activity into the Dutch sector adjacent to our CMS acreage, extending our coverage of the prolific Carboniferous play. 2007 Performance Net production from the UK portfolio during 2007 averaged 171 mmscfd, similar to2006. During the first half of the year a comparatively mild winter combinedwith perceived oversupply in the UK gas market led to a period of uncertaintyand weak pricing. Against this background, and with high service sector costs,Tullow redirected investment in favour of its international programmes. However,as the year progressed and longer-term pricing trends became more favourable,Tullow allocated funds to selected development and high-graded explorationprojects with a focus on value rather than production growth. Thames-Hewett area In 2007, Tullow's net production from these assets averaged 77 mmscfd and duringthe year first gas was achieved from the Tullow-operated Thurne field. Thedevelopment plan for the Wissey discovery in Block 53/4d was approved in May2007 and first gas is planned for August 2008. To further extend the economiclife of the Thames infrastructure, Tullow is currently evaluating the potentialof infill wells on existing fields in the Thames area. Hewett Complex In 2007, Tullow undertook a project to convert the Hewett complex to an unmannedfacility which will be controlled remotely from the Bacton terminal.Optimisation of staffing, logistics and maintenance is expected to yield costsavings which will extend economic life, regardless of any new gas production. An exploration well on the Doris prospect spudded in January 2008 but wasunsuccessful. Tullow also plans to drill a development well in mid-2008 in theHewett main field. In the event of success, first gas could be achieved in late2008. In addition to activities to extend production life, Tullow is investigating thepotential longer-term use of Hewett reservoirs and infrastructure for bothnatural gas and carbon dioxide storage. CMS Area Production from the CMS Area averaged 88 mmscfd for the year, slightly less than2006, as a result of natural decline. However, first gas from the Kelvin fieldwas achieved in November, significantly boosting CMS production which byyear-end was just over 120 mmscfd net to Tullow. The redevelopment of the Schooner and Ketch fields continued in 2007 with firstgas from the Ketch-9 well in July at an initial rate of 22 mmscfd. The well alsoappraised the south west flank of the field, proving up an area of undepletedgas reserves that provide an attractive potential development opportunity. Other opportunities being considered for the area include infill drilling on theexisting fields. Plans are well advanced for a Boulton field infill well in thesecond quarter of 2008. The carboniferous is a key UK play for Tullow, as evidenced by the eightconsecutive discoveries in the CMS area. Capitalising on our success in thisarea, we seized the opportunity to extend our activities into the Dutch sector. Netherlands In the Netherlands, carboniferous prospectivity remains highly under-exploredand prospects are materially bigger in comparison to those in adjacent UKacreage. Tullow made its first entry into the province in 2007 gaining interestsin six licences. Activity for 2008 on this new acreage will largely compriseseismic reprocessing and interpretation in preparation for an integratedNetherlands drilling campaign in 2009. Central North Sea Tullow participated in two high impact exploration wells in the Central NorthSea in 2007. Both wells, on the Peveril and Acer prospects, were dry and thewells were plugged and abandoned. Portugal In February 2007, Tullow was awarded three blocks in the undrilled AlentejoBasin off the southwest coast of Portugal. This frontier exploration acreageoffers a range of play types consistent with Tullow's core exploration expertiseand a detailed seismic infill programme across the acreage is planned for 2008. 2008 Outlook The Group has an active programme planned for its European assets in 2008. Inthe UK this includes two exploration/appraisal wells, the development of theWissey field, and up to three infill development wells. Average net UKproduction is expected to be approximately 24,500 boepd in 2008. There will also be a significant programme of seismic acquisition and processingthrough the year to evaluate the potential of the Dutch and Portuguese acreage. The Group has also entered the Hewett field in the Government's carbon captureand storage competition with the aim converting one of the fields into a carbonstore and thereby significantly extending the life of the infrastructure onceproduction ceases. SOUTH ASIA: Significant growth potential 2007 Key statistics Total production Total reserves and resources Sales revenue Total 2007 investment Employees 4,300 boepd 20.4 mmboe £8.5 million £10.1 million 124 2007 Highlights • Production averaged 4,300 boepd, 154% above 2006 levels; • Gross production in Bangladesh increased to 70 mmscfd with upgrade to 120 mmscfd sanctioned; • First gas from the Chachar field achieved in August 2007; and • Delineation of CB-ON/1 exploration drilling prospects ahead of an active drilling campaign in 2008. 2007 Performance The Asian economy has witnessed unprecedented economic growth over the past fewyears, leading to steadily increasing demand for energy. We view Asia as an areawith significant growth potential and are currently focusing attention on newbusiness opportunities in the region. Bangladesh 2007 marked a step change in Tullow's operations in Block 9 in Bangladesh. TheBangora-5 well was tied-back in April 2007 and thereafter the field has beenproducing at the 70 mmscfd capacity of the facility. The second phase ofdevelopment was sanctioned in 2007 and is now under way. This involves anupgrade of the processing facility to 120 mmscfd and the tie-back of asuccessful appraisal well (Bangora-3) leading to gross production in excess of100 mmscfd by the end of 2008. Elsewhere in Bangladesh, a three year extension has been secured for offshoreexploration Blocks 17&18, and the Government of Bangladesh approved theassignment of a 60% interest to Total Exploration and Production. Pakistan The Chachar field came onstream in August 2007 with gas being sold to the Guddupower station. Production commenced at a rate of 23 mmscfd from three wells, twoof which have dual completions. On the Kohat exploration block, seismic processing and interpretation wascompleted and two drilling prospects were selected. The operation has beendelayed due to the lack of rig availability as a consequence of the securitysituation in Pakistan. The Government has granted a one year extension to thelicence and drilling is now scheduled to commence in the latter part of 2008. Tullow is currently reviewing longer term strategy in respect of its Pakistanbusiness which may potentially result in a disposal of this asset during 2008. India The main focus in India during 2007 was on block CB-ON/1, where Tullow has a 50%interest. A drilling programme of four firm wells and three contingent wells hasbeen agreed and will test a number of different plays on the Block. A drillingrig has been secured and the first well of the campaign is now planned to spudin the second quarter of 2008. 2008 Outlook 2008 will be a year of active portfolio management, production growth andexciting exploration activity in Asia. A high impact multi-well explorationdrilling programme is planned in India and extensive exploration activities areplanned for Pakistan and Bangladesh. Production is expected to continue to grow,averaging approximately 5,600 boepd in 2008. SOUTH AMERICA: New business opportunities 2007 Highlights • Successful bidder in two key Trinidad and Tobago blocks; • Execution of PSCs for two onshore Suriname blocks; • Five exploration wells drilled in Suriname; • CSEM survey over the large Matamata prospect in French Guiana; and • Divestment of the non-core Falkland Islands assets. The region is a prolific but underexplored oil and gas province with a diverseset of opportunities from near-infrastructure plays in Suriname to true wildcathigh impact prospects in French Guiana. The region is recognised as having greatpotential and Tullow is now applying its skills and expertise, developed throughmany years of exploration in West Africa, to these very similar plays across theAtlantic. 2008 Outlook 2008 will be an exciting year for the Group's South American business as itlooks to expand through new ventures, portfolio management, licence rounds andexploration. The key areas of interest this year will be the drilling of thehigh impact Matamata prospect in French Guiana, the completion of the TrinidadPSC negotiations and potential entry into new South American oil and gasprovinces. Finance Review During 2007, Tullow's business reached a new level of scale in terms ofproduction, operating cash flow, market value and future growth potential. Totalshareholder return in 2007 exceeded 66% (2006: 49%), placing Tullow in the topquartile of its peer group. Over the three year period from 2005 to 2007,Tullow's total shareholder return has been in excess of 440%. Overall, results for the year were solid. Production grew 13% to over 73,000boepd and oil pricing remained positive. However a 19% decline in realised gasprice, which represents 40% of revenue, impacted our performance and this,combined with increased depreciation and interest charges and explorationwrite-offs, meant that earnings per share declined 71% to 7.10 pence. Our financial strategy is to maintain financial flexibility to support theGroup's significant appraisal and development programmes in Ghana and Uganda andeffectively allocate capital across the remainder of our business. Key financial metrics 2007 2006 Change Production (boepd, working interest basis) 73,100 64,720 +13%Sales volume (boepd) 62,600 57,300 +9%Realised oil price per bbl ($) 62.7 52.2 +20%Realised gas price (pence per therm) 37.3 46.2 -19%Cash operating costs per boe (£)1 5.05 4.74 +7%Operating cash flow before working capital per boe (£) 17.77 18.76 -5%Net debt 479.5 122.1 +293%Interest cover 10.4 24.0 -13.6 timesGearing (%)2 67 16 +51%Total shareholder return (%) 66 49 +17% 1. Cash operating costs are cost of sales excluding depletion, depreciation andamortisation and under/over lift movements 2. Gearing is net debt divided by net assets Strong production and pricing Working interest production averaged 73,100 boepd, 13% ahead of 2006. Salesvolumes averaged 62,600 boepd, representing an increase of 9%. As a result ofincreased sales volumes and higher oil price, offset by the weaker UK gas price,2007 revenue increased by 10% to £639.2 million (2006: £578.8 million). The bulk of production growth came from our African oil portfolio, whichrepresented 55% of total output and 58% of Group revenue. This was driven by anexceptional performance from the Okume development and the Ceiba field inEquatorial Guinea and a first year of production for Tullow from the Chinguettifield following the Hardman acquisition. Gas production from Asia also rosesignificantly, due to new production from the Chachar field in Pakistan inAugust and continuing strong performance from the Bangora field in Bangladesh.Gas production from Europe of 171 mmscfd (28,500 boepd) showed a modest declinefrom 2006 levels. Oil prices continued to be strong throughout the year and Tullow's realised oilprice after hedging was $62.7/bbl (2006: $52.2/bbl), an increase of 20%.Tullow's oil production sold at an average discount of 3% to Brent during theyear (2006: 5% discount). Whilst oil pricing was positive, UK gas price realisations fell by 19% to 37.3p/therm (2006: 46.2p/therm). Following a period of exceptional pricing,particularly in early 2006, new sources of supply and a mild winter combined tosignificantly reduce gas price in the first half of 2007 and despitestrengthening prices in the second half, the average UK day ahead gas spot pricefor 2007 was 29.7p/therm. Tullow's UK gas hedge programme proved highlyeffective during 2007, contributing approximately 7.6p/therm to the Group'srealised price, amounting to an additional £32 million to Group revenue. TheGroup also recorded tariff income of £17.5 million (2006: £16.6 million) fromits UK infrastructure interests. 2007 Revenue analysed by Core Area Oil Gas Total % of Total £ millions £ millions £ millionsAfrica 371.9 - 371.9 58%Europe - 258.8 258.8 40%South Asia - 8.5 8.5 2%Total 371.9 267.3 639.2% contribution to the Group 58% 42% Disciplined cost management offset by higher depreciation Underlying cash operating costs, which exclude depletion and amortisation andmovements on under/overlift, amounted to £134.7 million (£5.05/boe). These costswere 7% above 2006 levels, principally due to upward cost pressures in oil andgas services and in our UK business. Depreciation, depletion and amortisation before impairment charges for the yearamounted to £203.0 million (£7.61/boe). This represents a 24% increase over2006, principally as a result of a higher depreciation charge on UK assets, andthe addition to Tullow's portfolio in early 2007 of the Chinguetti field whereperformance was significantly below expectations, leading to a 25% increase indepreciation rates above initial estimates. In addition we have recognised animpairment charge of £13.8 million (£0.52/boe) on Chinguetti, which is due tothe ultimate recoverable commercial reserves being downgraded by 50%. Tullow continued to invest in people during 2007 increasing average staffnumbers by 33% to 277 people in 2007 due to the significant increase ininvestments being made during the year and also the need to establish anappropriate resource pool to fulfil our long-term growth objectives. As aresult, underlying general and administrative costs have increased by 43% to£26.2 million (2006: £18.3 million). The total general and administrative costscharge of £31.6 million also includes a charge of £5.4 million in respect of theGroup's share-based incentive schemes (2006: £4.2 million). Exploration write-off Exploration costs written-off were £64.2 million (2006: £32.5 million), inaccordance with the Group's 'successful efforts' accounting policy, whichrequires that all costs associated with unsuccessful exploration are written-offto the Income Statement. Of this write-off £51.1 million is principallyassociated with unsuccessful exploration activities in the UK, Gabon, Ghana,Namibia and new ventures/pre-licence costs and a recent decision to relinquishBlocks 107 and 108 in Cote D'Ivoire. The remaining £13.1 million is in relationto a downgrade of Chinguetti contingent resources as at 31 December 2007. Inaddition to the impairment charge set out above, this brings the total chargeassociated with Chinguetti to £26.9 million. Operating profit Operating profit before exploration activities amounted to £253.3 million (2006:£295.1 million), a decrease of 14%, due to the increased depreciation charges,partly offset by production growth and strong oil prices. Derivative instruments Tullow continues to undertake hedging activities as part of the ongoingmanagement of its business risk and to protect the availability of cash flow forreinvestment in capital programmes which are driving business growth. Hedgesundertaken in respect of 2008 combined with portfolio management providedownside protection on revenue of over £304 million, representing approximately70% of planned 2008 capital investment. At 31 December 2007, the Group's derivative instruments had a negative mark tomarket value of £158.0 million (2006: £21.0 million). Of this, £136.9 millionrelates to a negative mark to market on oil contracts, the majority relating tohedges acquired as part of the acquisition of Energy Africa in 2004 and £21.1million relates to a negative mark to market on gas contracts. While all of the Group's commodity derivative instruments currently qualify forhedge accounting, a charge of £29.3 million (2006: credit of £15.7 million) hasbeen recognised in the income statement for 2007. Of this charge £23.4 millionrelates to oil and gas hedges while the balance of the charge comprises £5.9million relating to the Group's foreign exchange derivatives associated with theacquisition of Hardman Resources. The Group's hedge position as at 5 March 2008 can be summarised as follows: Hedge Position 2008 2009 2010OilVolume - bopd 19,293 11,000 2,000Current Price Hedge - US$/bbl 70.9 63.4 89.4Gas HedgesVolume - mmscfd 81.0 38.7 12.3Current Price Hedge - p/therm 50.1 50.4 54.1 Gearing, financing costs and interest cover The net interest charge for the year was £45.6 million (2006: £15.0 million) andreflects the significantly increased levels of net debt during 2007 followingthe completion of the Hardman Resources acquisition in January. In addition theamortisation of finance costs associated with the US$1 billion Bridge Facilitynegotiated to effect this transaction and a reduced level of interestcapitalisation in relation to development assets has also contributed to thisincrease. At 31 December 2007, Tullow had net debt of £479.5 million (2006:£122.1 million), which was approximately 1.0 times the groups operating cashflowbefore working capital movements for the year. Interest cover has reduced to10.4 times (2006: 24.0 times) however both overall debt levels and interestcosts remain very comfortable in the context of the Group's overall productionprofile, recent portfolio management transactions and future growthopportunities. Taxation The tax charge of £61.6 million (2006: £105.9 million) relates to the Group'sNorth Sea, Gabonese, Equatorial Guinea and Mauritanian activities and represents54% of the Group's profit before tax (2006: 40%). After adjusting forexploration costs and movements associated with overlift balances, the Group'sunderlying effective tax rate is 34% (2006: 35%). Dividend The Board has a high level of confidence in the Group's business and futureprofit potential, as well as a strategy of maintaining capital disciplinethrough periods of strong oil and gas pricing. Consequently the Board hasproposed a final dividend of 4.0 pence per share (2006: 3.5 pence per share).This brings the total payout in respect of 2007 to 6.0 pence per share (2006:5.5 pence per share). The dividend will be paid on 21 May 2008 to shareholderson the register on 18 April 2008. Strong cashflow and effective portfolio management Increased production and the strong oil price environment led to recordoperating cash flow before working capital movements of £473.8 million (2006:£446.7 million), 6% ahead of 2006. This cash flow facilitated investment ofapproximately £370 million in exploration and development activities, payment ofan increased final 2006 dividend and servicing of the increased debt facilities. Tullow currently plans a total 2008 capital expenditure of approximately £440million, with Tullow's Africa activities accounting for approximately 75% ofthis anticipated investment. In addition to our 2008 commitments we are planningfor the future, as evidenced by the US$700 million (£350 million) contract onbehalf of Jubilee field partners for the Eirik Raude rig as part of the Ghanadevelopment programme, which is targeting first oil in 2010. The exploration and appraisal investments planned for 2008 will drive futuregrowth and as we seek to prioritise our allocation of capital, we haveidentified a number of interests which are no longer central to our longer termstrategy. As at 31 December 2007, our interest of 40.0% in the Ngosso permit inCameroon and our interest of 11.0% in the M'Boundi field in Congo (Brazzaville)have been classified as 'assets held for sale' in accordance with IFRS 5 -Non-Current Assets Held for Sale and Discontinued Operations. Both transactionsare expected to complete in 2008 for a total consideration of US$480 million(£240 million) with the M'Boundi sale still being subject to partnerpre-emption. The disposals are also subject to government approvals. The Groupexpects to recognise a very substantial profit on these disposals in the 2008financial statements. The successful completion of portfolio management efforts announced year to datewill halve Tullow's net debt at 31 December 2007 and provide substantialadditional cash resources for investment in key assets. These transactions alsoindicate the inherent value of Tullow's asset portfolio at a time where manyplayers in our industry are becoming increasingly opportunity constrained. TheBoard will continue to actively monitor the Group's portfolio and consider assetdivestments or acquisitions as appropriate to ensure shareholder value ismaximised and resources allocated in the most effective manner. Hardman Resources acquisition completion The Hardman acquisition was completed on 10 January 2007 with the payment of£334.9 million and the issue of 65 million shares to Hardman shareholders. Afinal review of the fair value allocation to the acquired assets and liabilitieswas undertaken in accordance with the provisions of IFRS 3 - BusinessCombinations. The final total fair value attributed to the transaction amountsto £759.4 million, comprising £595.2 million of consideration and associatedcosts and an additional £164.3 million of deferred tax uplift in accordance withIAS 12 - Income Taxes. Financial strategy and outlook During 2007 the value of Tullow's business was transformed by successfulexploration activity in Ghana and the ongoing programmes in the Albertine Riftbasin in Uganda. With focused investment in appraisal and development over thecoming years, reserves and production have the potential to reach multiples ofcurrent levels. Our financial strategy must support these plans by ensuringsufficient funds are allocated to our growth assets, by maintaining anappropriate level of gearing and financial risk and by constantly analysing ourportfolio to ensure our asset mix is aligned with our long-term businessstrategy. A successful phased development in Ghana and the achievement of commercialvolumes for pipeline export in Uganda will materially extend the Group's reservelife and financial profile. In anticipation of this we are evaluating long-termfinancing options with the support of our bank syndicate. While the globalcredit environment has been challenging in recent months, operating fundamentalsin the oil and gas industry remain strong and there continues to be encouragingbank support for transactions involving exploration and production companies. Ends Disclaimer This statement contains certain forward-looking statements that are subject tothe usual risk factors and uncertainties associated with the oil and gasexploration and production business. Whilst the Group believes the expectationsreflected herein to be reasonable in light of the information available to themat this time, the actual outcome may be materially different owing to factorsbeyond the Group's control or within the Group's control where, for example, theGroup decides on a change of plan or strategy. Accordingly no reliance may beplaced on the figures contained in such forward-looking statements. Group Income Statement Year ended 31 December 2007 Notes 2007 2006 £'000 £'000Sales Revenue 639,203 578,847Cost of sales (353,695) (261,268)Gross Profit 285,508 317,579Administrative expenses (31,628) (22,490)Disposal of subsidiaries (597) -Exploration costs written off (64,235) (32,494)Operating Profit 189,048 262,595(Loss)/gain on hedging instruments (29,267) 15,701Finance revenue 3,095 3,030Finance costs (48,673) (17,994)Profit from Continuing Activities before Tax 114,203 263,332Income tax expense 7 (61,609) (105,894)Profit for the Period from Continuing 52,594 157,438ActivitiesAttributable to:Equity holders of the parent 50,887 157,438Minority interest 1,707 - 52,594 157,438Earnings per Ordinary Share Stg p Stg p- Basic 2 7.10 24.23- Diluted 6.96 23.67 Group Statement of Recognised Income and Expense Year ended 31 December 2007 2007 2006 £'000 £'000Profit for the Period 52,594 157,438Currency translation adjustments (5,321) (55,057)Hedge movement (79,780) 68,236Total Recognised Income and Expense for the Period (32,507) 170,617Attributable to:Equity holders of the parent (34,214) 170,617Minority interest 1,707 - (32,507) 170,617 Group Balance Sheet As at 31 December 2007 2007 2006 £'000 £'000ASSETSNon-Current AssetsIntangible exploration and evaluation assets 956,580 820,437Property, plant and equipment 832,111 934,368Investments 447 496 1,789,138 1,755,301Current AssetsInventories 24,897 13,735Trade receivables 87,746 74,609Other current assets 33,351 28,963Cash and cash equivalents 82,224 99,478Derivative financial instruments - 16,065Assets held for sale 73,846 - 302,064 232,850Total Assets 2,091,202 1,988,151LIABILITIESCurrent LiabilitiesTrade and other payables (177,397) (161,797)Hardman acquisition payable - (333,912)Other financial liabilities (9,793) (7,516)Current tax liabilities (31,457) (20,549)Derivative financial instruments (89,509) -Liabilities directly associated with assets classified as held for (4,756) -sale (312,912) (523,774)Non-Current LiabilitiesTrade and other payables (15,586) (17,137)Other financial liabilities (540,272) (206,883)Deferred tax liabilities (307,615) (311,925)Provisions (133,612) (124,868)Derivative financial instruments (68,535) (37,088) (1,065,620) (697,901)Total Liabilities (1,378,532) (1,221,675)Net Assets 712,670 766,476EQUITYCalled up share capital 71,961 65,190Share premium 128,465 126,075Other reserves 210,089 69,791Shares to be issued - 235,621Retained earnings 286,668 269,799Equity attributable to Equity Holders of the Parent 697,183 766,476Minority interest 15,487 -Total Equity 712,670 766,476 Group Cash Flow Statement Year ended 31 December 2007 Notes 2007 2006 £'000 £'000Cash Flows from Operating ActivitiesCash generated from operations 8 446,660 404,064Income taxes paid (30,030) (61,868)Net cash from operating activities 416,630 342,196Cash Flows from Investing ActivitiesAcquisition of subsidiaries (334,954) 21,336Disposal of subsidiaries (597) -Purchase of intangible exploration & evaluation assets (165,726) (67,976)Purchase of property, plant and equipment (198,355) (243,087)Finance revenue 3,206 3,030Net cash used in investing activities (696,426) (286,697)Cash Flows from Financing ActivitiesNet proceeds from issue of share capital 2,661 3,502Proceeds from issue of subsidiary share capital to minority 1,244 -interestDebt arrangement fees (8,431) (1,175)Repayment of bank loans (29,474) (27,914)Drawdown of bank loan 379,979 59,996Finance costs (40,782) (16,997)Dividends paid (39,406) (32,492)Purchase of treasury shares (3,722) (3,977)Net cash generated by/(used in) financing activities 262,069 (19,057)Net (decrease)/increase in cash and cash equivalents (17,727) 36,442Cash and cash equivalents at beginning of year 99,478 65,386Translation difference 473 (2,350)Cash and cash equivalents at end of year 82,224 99,478 Notes to the Preliminary Financial Statements Year ended 31 December 2007 1. Basis of Accounting and Presentation of Financial Information While the financial information included in this preliminary announcement hasbeen prepared in accordance with International Financial Reporting Standards(IFRS), this announcement does not itself contain sufficient information tocomply with IFRS. The Company expects to publish full financial statements thatcomply with IFRS in April 2008. The financial information set out in the announcement does not constitute theCompany's statutory accounts for the years ended 31 December 2007 or 2006, butis derived from those accounts. Statutory accounts for 2006 have been deliveredto the Registrar of Companies and those for 2007 will be delivered following theCompany's Annual General Meeting. The auditors have reported on those accounts;their reports were unqualified and did not contain statements under s237 (2) or(3) Companies Act 1985. The accounting policies applied are consistent with those adopted and disclosedin the Group's annual financial statements for the year ended 31 December 2006,with the exception of adopting IFRS 7 - Financial Instruments: Disclosures andIAS 23 - Borrowing costs. This did not have any impact on the Group. 2. Earnings per Share The calculation of basic earnings per share is based on the profit for theperiod after taxation of £50,887,000 (2006: £157,438,000) and a weighted averagenumber of shares in issue of 717,025,714 (2006: 649,665,389). The calculation of diluted earnings per share is based on the profit for theperiod after taxation as for basic earnings per share. The number of sharesoutstanding, however, is adjusted to show the potential dilution if employeeshare options are converted into ordinary shares. The weighted average number ofordinary shares is increased by 14,348,042 (2006: 15,593,396) in respect ofemployee share options, resulting in a diluted weighted average number of sharesof 731,373,756 (2006: 665,258,785). 3. Dividends During the year the Company paid a final 2006 dividend of 3.5 pence per shareand an interim 2007 dividend of 2.0p per share, a total dividend of 5.5 penceper share (2006: 5.0 pence per share). The Directors intend to recommend a final2007 dividend of 4.0 pence per share, which, if approved at the AGM, will bepaid on 21 May 2008 to shareholders on the register of the Company on 18 April2008. 4. 2007 Annual Report and Accounts The Annual Report and Accounts will be mailed on 11 April 2008 only to thoseshareholders who have elected to receive it. Otherwise, shareholders will benotified that the Annual Report and Accounts is available on the website(www.tullowoil.com). Copies of the Annual Report and Accounts will also beavailable from the Company's registered office at 3rd Floor, Building 11,Chiswick Park, 566 Chiswick High Road, London, W4 5YS. 5. The Annual General Meeting is due to be held at Stationers' Hall, AvaMaria Lane, London, EC4M 7DD on Wednesday 14 May 2008 at 12 noon. 6. Segmental Reporting In the opinion of the Directors the operations of the Group comprise one classof business, oil and gas exploration, development and production and the sale ofhydrocarbons and related activities. The Group also operates within fourgeographical markets, Europe, Africa, Asia and South America. The following tables present revenue, profit and certain asset and liabilityinformation regarding the Group's business segments for the year ended 31December 2007 and 2006. South America Europe Africa Asia Unallocated Total £'000 £'000 £'000 £'000 £'000 £'0002007Sales revenue by origin 258,838 371,883 8,482 - - 639,203Segment result 78,979 144,886 1,827 (4,419) - 221,273Disposal of subsidiaries (597)Unallocated corporate expenses (31,628)Operating profit 189,048Loss on hedging instruments (29,267)Finance revenue 3,095Finance costs (48,673)Profit before tax 114,203Income tax expense (61,609)Profit after tax 52,594Total assets 553,340 1,344,226 66,465 112,008 15,163 2,091,202Total liabilities (242,597) (527,843) (13,870) (37,731) (556,491) (1,378,532)Other segment informationCapital expenditure:Property, plant and equipment 86,960 115,012 6,096 - 4,145 212,213Intangible fixed assets 32,587 152,129 4,411 4,745 - 193,872Depletion, depreciation and (101,359) (98,379) (3,286) - (2,781) (205,805)amortisationImpairment losses recognised in - (13,834) - - - (13,834)income Europe Africa Asia South Unallocated Total America £'000 £'000 £'000 £'000 £'000 £'0002006Sales revenue by origin 307,007 268,302 3,538 - - 578,847Segment result 129,735 159,304 (3,954) - - 285,085Unallocated corporate expenses (22,490)Operating profit 262,595Gain on hedging instruments 15,701Finance revenue 3,030Finance costs (17,994)Profit before tax 263,332Income tax expense (105,894)Profit after tax 157,438Total assets 541,684 1,281,760 62,174 79,815 22,718 1,988,151Total liabilities (250,234) (356,008) (15,507) (20,315) (579,611) (1,221,675)Other segment informationCapital expenditure:Property, plant and equipment 161,675 217,693 10,567 - 3,136 393,071Intangible fixed assets 37,197 575,808 15,897 79,815 - 708,717Depletion, depreciation and (79,870) (64,068) (992) - (1,651) (146,581)amortisation Unallocated expenditure and net liabilities include amounts of a corporatenature and not specifically attributable to a geographic area, including taxbalances and the Group debt. 7. Taxation on Profit on Ordinary Activities a) Analysis of charge in period The tax charge comprises: 2007 2006 £'000 £'000Current taxUK corporation tax 2,328 14,344Foreign taxation 27,768 17,434Total corporate tax 30,096 31,778UK petroleum revenue tax 11,048 21,605Total current tax 41,144 53,383Deferred taxUK corporation tax 21,631 45,585Foreign taxation 229 6,530Total corporate tax 21,860 52,115UK petroleum revenue tax (1,395) 396Total deferred tax 20,465 52,511Total tax expense 61,609 105,894 b) Factors affecting tax charge for period As the Group earns a significant portion of its profits in the UK. the tax ratesapplied to profit on ordinary activities in preparing the reconciliation belowis the standard rate of UK corporation tax applicable to the Group's oil and gasactivities plus the rate of supplementary corporation tax (SCT). The difference between the total current tax charge shown above and the amountcalculated by applying the standard rate of UK corporation tax (30%) plus therate of SCT in respect of UK upstream profits (20%) to the profit before tax isas follows: 2007 2006 £'000 £'000Group profit on ordinary activities before tax 114,203 263,332Tax on group profit on ordinary activities at a combined standard UKcorporation tax and SCT rate of 50% (2006: 50%) 57,102 131,666Effects of:Expenses not deductible for tax purposes 12,056 7,264Net losses not recognised 50,706 19,635Petroleum revenue tax (PRT) 9,654 22,001UK corporation tax deductions for current PRT (4,827) (11,001)Adjustments relating to prior years (5,613) 290Income taxed at a different rate (57,469) (63,961)Group total tax expense for the year 61,609 105,894 The Group's profit before taxation will continue to be subject to jurisdictionswhere the effective rate of taxation differs from that in the UK. Furthermore,unsuccessful exploration expenditure is often incurred in jurisdictions wherethe Group has no taxable profits, such that no related tax benefit arises.Accordingly the Group's tax charge will continue to depend on the jurisdictionsin which pre-tax profits and exploration costs written off arise. The Group has tax losses of £131 million (2006: £124 million) that are availableindefinitely for offset against future taxable profits in the companies in whichthe losses arose. Deferred tax assets have not been recognised in respect ofthese losses as they may not be used to offset taxable profits elsewhere in theGroup. 8. Cash Flows from Operating Activities 2007 2006 £'000 £'000Profit before taxation 114,203 263,332Adjustments for:Depletion, depreciation and amortisation 205,805 146,581Impairment loss 13,834 -Net foreign exchange losses - 840Exploration costs written off 64,235 32,494Disposal of subsidiaries 597 -Decommissioning expenditure (5,065) -Share based payment charge 5,388 4,186Loss/(gain) on hedging instruments 29,267 (15,701)Finance revenue (3,095) (2,451)Finance costs 48,673 17,415Operating cash flow before working capital movements 473,842 446,696(Increase)/decrease in trade and other receivables (20,472) 509Increase in inventories (11,162) (4,729)Increase/(decrease) in trade payables 4,452 (38,412)Cash generated from operations 446,660 404,064 9. Commercial Reserves and Contingent Resources Summary (Not reviewed byAuditors) working interest basis EUROPE AFRICA ASIA TOTAL Oil Gas Oil Gas Oil Gas Oil Gas Petroleum mmbbl bcf mmbbl bcf mmbbl bcf mmbbl bcf mmboeCommercialReserves 1,3 1 Jan 2007 - 302.4 147.8 21.2 - 103.7 147.8 427.3 219.1Revisions 2.0 16.4 (2.2) - - 11.5 (0.2) 27.9 4.4Production - (60.1) (14.5) (1.1) - (9.3) (14.5) (70.5) (26.3)31 Dec 2007 2.0 258.7 131.1 20.1 - 105.9 133.1 384.7 197.2ContingentResources 2,4 1 Jan 2007 - 174.7 55.9 1,191.2 - 22.5 55.9 1,388.4 287.3Revisions - 38.1 105.0 (3.1) - (6.3) 105.0 28.7 109.8Disposals - (83.5) - (173.6) - - - (257.1) (42.9)31 Dec 2007 - 129.3 160.9 1,014.5 - 16.2 160.9 1,160.0 354.2Total31 Dec 2007 2.0 388.0 292.0 1,034.6 - 122.1 294.0 1,544.70 551.4 1. Proven and Probable Commercial Reserves are based on a Group reservesreport produced by an independent engineer. Reserves estimates for each fieldare reviewed by the independent engineer based on significant new data or amaterial change with a review of each field undertaken at least every two years. 2. Proven and Probable Contingent Resources are based on both Tullow'sestimates and the Group reserves report produced by an independent engineer. 3. Tullow has classified the Ugandan discoveries Mputa and Nzizi asCommercial Reserves. 4. The revision to Africa Contingent Resources relates to: • the hydrocarbons associated with the Jubilee field discovery wells Hyedua-1 and Mahogany-1 in Ghana; and • a limited area around the Kingfisher-1 well in Uganda. The Group provides for depletion and amortisation of tangible fixed assets on anet entitlements basis, which reflects the terms of the Production SharingContracts related to each field. Total net entitlement reserves were 128.1 mmboeat 31 December 2007 (2006: 145.8 mmboe). Contingent Resources relate to resources in respect of which development plansare in the course of preparation or further evaluation is under way with a viewto development within the foreseeable future. About Tullow Oil plc Tullow Oil plc is a leading independent oil and gas, exploration and productiongroup and is quoted on the London and Irish Stock Exchanges (symbol: TLW.L) andis a constituent of the FTSE 100 index. The Group has interests in over 100exploration and production licences across 23 countries and focuses on four coreareas: Europe, Africa, South Asia and South America. For further informationplease consult the Group's website www.tullowoil.com. Events on results day In conjunction with these results Tullow is conducting a London Presentation anda number of events for the financial community. 09.30 GMT - UK/European Conference Call (and simultaneous Webcast) To access the call please dial the appropriate number below shortly before thecall and ask for the Tullow Oil plc conference call. A replay facility will beavailable from approximately noon on 12 March until 19 March. The telephonenumbers and access codes are: Live Event Replay Facility available from NoonUK Participants 020 7806 1955 UK Participants 020 7806 1970Irish Participants 01 655 8886 Irish Participants 01 659 8321Access code 5634348# Access Code 5634348# To join into the live webcast, or play the on-demand version, you will need tohave either Real Player or Windows Media Player installed on your computer. 11.00 GMT - Press Conference Call To access the call please dial the appropriate number below shortly before thecall and use the access code. The telephone numbers and access code are: Live EventUK Participants 0800 694 8018 UK Local Call 01452 552 018International +44 1452 552 018 Irish Free Call 1 800 992 415ParticipantsAccess Code 38300588 14:30 GMT - US Conference Call To access the call please dial the appropriate number below shortly before thecall and ask for the Tullow Oil plc conference call. A replay facility will beavailable from approximately 20.30 12 March until 19 March. The telephonenumbers and access codes are: Live Event Replay Facility available from 20:30Domestic Toll Free +1 800 762 8779 Domestic Toll Free +1 800 406 7325Toll +1 480 248 5081 Toll +1 303 590 3030 Access Code 3833780# For further information contact: Tullow Oil plc Citigate Dewe Rogerson Murray Consultants+44 20 8996 1000 +44 20 7638 9571 +353 1 498 0300Aidan Heavey, CEO, Tom Hickey, CFO Martin Jackson Joe MurrayChris Perry, IRO Kate Delahunty This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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