Form 8.5 (EPT/NON-RI)TULLOW OIL PLC

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS

(OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Name of exempt principal trader:

BARCLAYS CAPITAL SECURITIES LTD

(b)

Name of offeror/offeree in relation to whose

TULLOW OIL PLC

relevant securities this form relates:

(c)

Name of the party to the offer with which exempt

Tullow Oil plc

principal trader is connected

(d)

Date position held/dealing undertaken:

18 October 2022

(e)

In addition to the company in 1(b) above, is the exempt principal

YES:

trader making disclosures in respect of any other party to the offer?

CAPRICORN ENERGY PLC

2.

POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(a)

Interests and short positions in the relevant securities of the offeror or offeree

to which the disclosure relates following the dealing (if any)

Class of relevant security:

10p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

6,044,796

0.42%

10,950,003

0.76%

(2)

Cash-settled derivatives:

9,230,682

0.64%

5,203,981

0.36%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

15,275,478

1.06%

16,153,984

1.12%

(b)

Rights to subscribe for new securities (including directors and other executive

options)

Class of relevant security in relation to

which subscription right exists

Details, including nature of the rights

concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a)

Purchases and sales

Class of relevant

Purchase/sale

Total number of

Highest price per unit

Lowest price per unit

security

securities

paid/received

paid/received

10p ordinary

Purchase

927,338

0.3900 GBP

0.3678 GBP

10p ordinary

Sale

791,842

0.3855 GBP

0.3678 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

10p ordinary

 CFD

Decreasing Long

2,214

0.3788 GBP

10p ordinary

 CFD

Decreasing Long

4,416

0.3737 GBP

10p ordinary

 CFD

Decreasing Long

15,520

0.3728 GBP

10p ordinary

 CFD

Decreasing Long

34,630

0.3805 GBP

10p ordinary

 CFD

Decreasing Long

76,066

0.3805 GBP

10p ordinary

 CFD

Decreasing Long

######

0.3678 GBP

10p ordinary

 SWAP

Decreasing Short

9,336

0.3752 GBP

10p ordinary

 SWAP

Decreasing Short

29,611

0.3768 GBP

10p ordinary

 SWAP

Decreasing Short

62,859

0.3791 GBP

10p ordinary

 SWAP

Decreasing Short

78,436

0.3680 GBP

10p ordinary

 SWAP

Decreasing Short

85,550

0.3686 GBP

10p ordinary

 SWAP

Decreasing Short

######

0.3792 GBP

10p ordinary

 SWAP

Increasing Long

2,197

0.3805 GBP

10p ordinary

 SWAP

Increasing Long

2,723

0.3855 GBP

10p ordinary

 SWAP

Increasing Long

8,425

0.3809 GBP

10p ordinary

 SWAP

Increasing Long

8,516

0.3787 GBP

10p ordinary

 SWAP

Increasing Long

73,666

0.3802 GBP

10p ordinary

 SWAP

Increasing Long

80,670

0.3691 GBP

10p ordinary

 SWAP

Increasing Short

32

0.3759 GBP

10p ordinary

 SWAP

Increasing Short

3,746

0.3736 GBP

10p ordinary

 SWAP

Increasing Short

5,644

0.3816 GBP

10p ordinary

 SWAP

Increasing Short

12,953

0.3827 GBP

10p ordinary

 SWAP

Increasing Short

13,132

0.3799 GBP

10p ordinary

 SWAP

Increasing Short

19,978

0.3677 GBP

10p ordinary

 SWAP

Increasing Short

27,735

0.3678 GBP

10p ordinary

 SWAP

Increasing Short

47,897

0.3810 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings arrangements

Details of any indemnity or option arrangement, or any agreement or understanding,

formal or informal, relating to relevant securities which may be an inducement to deal

or refrain from dealing entered into by the exempt principal trader making the disclosure and any party

to the offer or any person acting in concert with a party to the offer:

NONE

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between

the exempt principal trader making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights of future acquisition or disposal of any relevant securities to which

any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

19 Oct 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213