4th Sep 2007 07:01
Tullow Oil PLC04 September 2007 Tullow Oil plc2007 Interim Results Strong operating performance, production up 11% Significant exploration success; Billion barrel upside potential in Ghana 4 September 2007 - Tullow Oil plc ('Tullow'), the independent oil and gas,exploration and production group, announces its interim results for the sixmonths ended 30 June 2007. 2007 Interim Results Summary Tullow demonstrated a strong operating performance in the first half of 2007.Production reached record highs and oil pricing continued to be strong, althoughthe realised UK gas price was considerably lower than the exceptional levels of2006 and this impacted reported results. The Group continued to deliver major exploration success with a furtherworld-class discovery in Ghana, where upside potential in excess of a billionbarrels has been identified. We have also recorded excellent results in Ugandawhere ongoing programmes are extending the existing reserve base and reducingthe risk of future prospects. Finally, Tullow significantly enhanced andextended its worldwide exploration portfolio through the acquisition of HardmanResources, which was completed in January and is now fully integrated. Successful exploration in the first half of 2007 has transformed Tullow'sbusiness growth potential. This success, and the subsequent development andappraisal programmes, will result in a significant increase in our rate ofinvestment. Consequently, at this stage, the Board feels it is appropriate tomaintain the interim dividend at the 2006 level. 1H2007 1H2006 Change Production (boepd, working interest basis) 69,700 62,800 +11%Realised Oil Price per bbl (US$) 56.09 54.42 +3%Realised Gas Price (pence per therm) 36.86 53.33 - 31%Sales Revenue (£m) 284.9 310.7 - 8%Operating Profit (£m) 111.0 161.0 - 31%Profit Before Tax (£m) 66.6 153.1 -56%Basic Earnings per Share (pence per share) 5.12 14.72 - 65%Interim Dividend per Share (pence per share) 2.00 2.00 UnchangedOperating Cash Flow before Working Capital (£m) 201.8 245.7 -18% Commenting today, Aidan Heavey, Chief Executive, said: 'The first half of 2007 has been a period of exciting progress for Tullow. Ourexploration programme in Ghana not only yielded a major discovery, but alsode-risked the Group's extensive acreage position in the region. Simultaneously,ongoing success in Uganda continues to confirm the discovery of a new basin withbillion barrel oil potential. Each of these projects has the ability to morethan double Tullow's reserve base over the coming years. In addition, we havegrown our portfolio of opportunities to over 120 licences through theacquisition of Hardman Resources. While results for the first half of 2007 were impacted by difficult tradingconditions in the UK gas market, our decision to direct investment towardshigh-impact exploration and appraisal activities has proven highly effective.As a result, Tullow now has a far greater resource base and upside potentialthan at any time in the Group's history. Production is expected to average72-75,000 boepd for the year and we are fully committed to the rapid appraisaland development of the projects that will dominate our future production,reserves and growth prospects. The outlook for Tullow has never been brighter.' Presentation, Webcast and Conference Calls In conjunction with these results, Tullow will conduct a presentation in Londonand a number of events for the financial community. Details are available onpage 21 of this announcement and in the 2007 Interim Results Centre on theGroup's website at www.tullowoil.com. Production and Development Review Tullow continues to build its production and development operating capability toensure that we can fully exploit our existing production and developmentportfolio, effectively appraise and develop our exploration discoveries andpursue value adding acquisition opportunities. The acquisition of Hardman Resources, which was completed in January 2007,delivered strategic assets that are now receiving significant production anddevelopment focus. In Uganda major progress has been made since Tullow tookoperational control with an acceleration of activity levels and continueddrilling success. The focus in Mauritania has been working with the Operator todevelop a regional strategy to deliver improvements from Chinguetti and progressdevelopment plans for the existing discoveries. Tullow continually reviews both its asset portfolio and its allocation ofcapital to ensure that both our human and financial resources are focussed onthe highest value opportunities, demonstrated in 2007 by the Group's decision tomove capital away from the UK assets. In 2007, Tullow expects to allocate £225million to our worldwide production and development activities to ensure stronggrowth in value. Africa: Strong production growth, exploration success delivering futuredevelopments In Africa, Tullow has production and development interests in Gabon, Coted'Ivoire, Congo (Brazzaville), Equatorial Guinea, Mauritania, Angola and Namibiaand exploration interests in a further seven countries including Uganda, Ghanaand Congo (DRC). Tullow's recent exploration success has the potential toprovide a flow of major development opportunities in Africa. In Ghana twosuccessful deepwater exploration wells in the West Cape Three Points and theTano Deep licences have yielded a world class discovery and development projectfor Tullow. The joint ventures have embarked on an accelerated appraisalprogramme to ensure the early development of these assets, which has thepotential to transform Tullow's business. In addition, the initial wells in theKaiso-Tonya appraisal programme in Uganda have been successful and the resultsare being used to facilitate sanction of the Early Production System in late2007. Gabon Tullow's Gabon production has been variable throughout the period but has nowstabilised at approximately 14,000 bopd net as a result of well workovers andthe tie in of recently drilled development wells. The latest phase of development drilling on the Niungo field has resulted inincreased gross field production to over 15,000 bopd. Following these positiveresults, two further development wells are planned and drilling is expected tocommence in the fourth quarter of the year. The Tchatamba field reached a milestone of 100 million barrels of cumulativeproduction in March 2007, the eighth field in Gabon to do so. Despite periodicmaintenance problems in this mature field, gross production has been maintainedat average levels of around 21,500 bopd. In the Etame Block the Avouma field was successfully commissioned on 23 January2007 and is now producing at a gross controlled rate of over 7,000 bopd. Thisbrings the combined Etame-Avouma production to around 21,000 bopd, the currentlimit of the facilities. However, modifications to the FPSO will increaseprocessing capacity in time for the anticipated commissioning of the Ebourisatellite field in the second half of 2008. The incorporation of a new Gabonese Joint Venture company, 'Tulipe Oil', inwhich Tullow has 50% ownership, is nearing formal completion. This Company willmanage the package of assets purchased in September 2006 from the Government ofGabon. Since the purchase, Tullow's share of production has grown from 350 bopdfrom the Tsiengui and Obangue fields, to over 600 bopd with the addition ofproduction from the Oba field. This is expected to rise to 750-900 bopd in 2008when the Onal Field comes on stream. Congo (Brazzaville) The development drilling programme on the M'Boundi field has continued, withover 90 wells drilled in the field to date. The focus of operations is now onwater injection, which is intended to preserve reservoir energy and improveultimate oil recovery. The water injection commenced in January 2007 and nineinjection wells have been drilled to date, with a fifth rig now in the field toaccelerate this effort. Until the water injection becomes effective in reducinggas production, a managed programme of reducing flow from high gas productionwells has been adopted. Average gross field production to date in 2007 is 51,500bopd, however this production management programme will reduce the full yearforecast to around 45,000 bopd. The crude oil continues to be blended with theNkossa crude and the resultant blend now trades at a small discount to Brent. Equatorial Guinea During the first half of 2007, both the Ceiba field and Okume complex facilitiesand reservoirs have performed above expectations. The uptime performance of bothshared and individual field facilities has been extremely encouraging, with theoperational synergies now delivering cost savings. The production performance on Ceiba has been enhanced by four new wells, twoproduction and two injection, and better than expected pressure support. Thishas resulted in a gross field production average of 43,700 bopd with productionfor the year now expected to average 40,500 bopd. Following first oil from the Okume Complex in December 2006, drillingperformance has exceeded expectations and to date, nine producers and six waterinjectors have been drilled with gross production reaching 40,000 bopd. Thisrate is expected to increase to approximately 50,000 bopd by year-end and toreach the plateau rate of 60,000 bopd in early 2008. Cote d'Ivoire Production performance has been strong from both the East and West Espoir fieldsin 2007 with current gross production in the 32,000 to 35,000 boepd range. Thishas been achieved through the 12-well drilling programme on West Espoir beingahead of schedule, the intervention programme on East Espoir reducing waterproduction in two wells and the East Espoir field demonstrating a positivereservoir response to water injection. Following this success, the Joint Venturenow plans to increase the liquid handling capacity of the FPSO from 50,000 to70,000 bfpd by mid 2009. This will improve the efficiency of Espoir facilities,providing additional capacity to facilitate a further infill drilling programmeon East Espoir and the tie-back of satellite discoveries such as Acajou. Namibia In the first half of 2007 Tullow reduced it's equity in Kudu to 70%, spudded thefirst of two planned Kudu appraisal wells, and progressed the initialdevelopment discussions towards a combination of gas-to-power and direct exportof gas to South Africa. In June Tullow sold a 20% interest in the Kudu Production Licence No. 001, whichcontains the Kudu gas field, to Itochu Corporation. This transaction, which hasan effective date of 1 January 2007, has received full Government and partnerapproval. To earn the 20% interest, Itochu will pay 40% of the cost of twoappraisal wells. In addition, Itochu will make further payments depending onthe ultimate volume of reserves developed and will provide Tullow withbeneficial development financing for the project. In May, the two-well appraisal programme commenced, when the Pride South Seassemi-submersible rig arrived on location and started drilling Kudu-8. Theobjective of the well is to establish commercially productive flow rates fromthe extensive Kudu East reservoir originally tested by the Kudu-5 well.Drilling progress has to date been slower than expected due to various rigequipment problems and adverse weather conditions. In early September the wellpenetrated the primary objective section and was found to be gas bearing.Operations continue with coring and drilling to TD of 4,700 metres followed bylogging. These operations are expected to complete in October with any testingoccurring subsequently. In addition to pursuing development of the field as a single gas-to-powerproject supplying power into Namibia and South Africa, the parties have alsoagreed to consider an alternative, whereby a smaller power station isconstructed to serve the Namibian market and the remainder of the gas isexported directly into South Africa. Discussions on this alternative developmentplan are underway. Mauritania Chinguetti gross field production averaged 16,900 bopd during the period,including production from one infill well which came on production in March.However, a shutdown in June for annual FPSO maintenance resulted in problemsre-establishing full production from certain wells due mainly to gas liftissues. Production has recovered gradually since the shutdown with rates of 13- 14,000 bopd achieved in August. However further increases are unlikely untiladditional infill wells are brought on production and/or the gas lift valves arereplaced. A 3D and 4D seismic survey of the Chinguetti field was shot in March which isintended to provide better subsurface definition of the field, with the 4Ddesigned to look at fluid movements within the reservoir since productionstarted in February 2006. Plans for further infill drilling are currently beingevaluated and it is anticipated that a combined multiwell drilling and wellworkover programme will commence in the first quarter of 2008 at the earliest. A 3D seismic survey of the nearby Tiof field was also conducted. This data iscurrently being used to update the Tiof subsurface model as part of thefeasibility planning for this field. EUROPE: Sustaining a strong gas business in a difficult market During the first half of 2007 Tullow has continued to expand its Europeanbusiness through exploration, developments and new ventures. This has includedthe development of the Thurne and Kelvin discoveries, the Harrison gas discoveryannounced in early September, the acquisition of licences offshore theNetherlands and the award of a large area of unexplored acreage offshorePortugal. Although operating conditions remain challenging, with relatively weakgas prices and increasing pressure on services costs resulting in a lowercapital allocation to the UK business, Tullow continues to add value through itsprogramme of near field exploration and production opportunities. Thames-Hewett Area Production from the Thames-Hewett Area averaged 70 mmscfd in the first half of2007, 6% lower than in the first half of 2006, predominantly due to naturalfield decline. In line with the Tullow strategy of maximising production and controllingoperating costs in this mature area, 2007 has seen important progress in two newdevelopments, Thurne and Wissey. Together, these satellite projects should allowThames area production to be maintained close to current levels until 2009. TheTullow operated Thurne development was completed both on budget and on scheduleand came on stream on 30 August at a gross rate of 50 mmscfd. The Wisseydevelopment project, also operated by Tullow, was approved in May and firstproduction of approximately 60 mmscfd gross is forecast for August 2008. We continue to examine further opportunities to extend the economic life of theThames-Hewett facilities. A development well is being considered to exploit anundepleted Rotliegendes reservoir zone within Hewett while on Thames, Tullow hasidentified an infill opportunity on the Bure satellite field. Further regionalexploration is also under evaluation, as are alternative uses of our largeinfrastructure position such as natural gas storage and carbon dioxide storage. CMS Area Production from the CMS Area averaged 92 mmscfd in the first half of 2007. Thiswas 2% lower than for the same period in 2006, due in part to delayed completionof redevelopment wells within the Ketch field and conservative productionmanagement in response to weaker gas pricing. The main focus in the first half of the year in the CMS Area has been on theSchooner and Ketch redevelopment, near-field development and exploration. TheKetch-9 well was drilled and brought on stream in June at a rate of 23 mmscfd.This marked the end of the current redevelopment programme following thedecision to terminate the Ensco 101 rig contract. The next phase ofre-development of the Schooner and Ketch fields is now being evaluated. The Kelvin development has progressed well and is due to come on stream inDecember 2007 at a gross rate of 80 mmscfd. Kelvin will act as a hub forfurther developments in this CMS area and we are working with partners tosanction the development of the nearby K4 discovery by the end of the year witha target of first gas in 2009. The CMS area contains further opportunities for new wells, with infill targetsidentified in the Boulton area and the McAdam field, as well as the developmentof existing discoveries such as Humphrey, Harrison and Cygnus. Tullow is wellplaced as an acreage holder and an infrastructure owner to play a key role inthe continuing development of the area. SOUTH ASIA: Rapid production growth supporting regional exploration Tullow's production in South Asia has increased significantly in 2007.Production from the Bangora field has grown with the contribution of gas fromthe Bangora-5 well, and the Chachar Field is now fully on stream. Bangladesh The development of the Bangora-Lalmai Field has progressed well in 2007.Following the Declaration of Commerciality in December 2006, the FieldDevelopment Plan was approved by the authorities in May 2007. The Bangora-5well has been tied in to the Bangora facility and production levels haveincreased to 70 mmscfd. As part of the phased Development Plan, it is intendedto expand the production capacity of the Bangora facility to provide for afurther increase in production in 2008. Pakistan Chachar production commenced in August with production rates anticipated to be25 mmscfd when commissioning of the facility is completed in September.Production at the Sara Suri field increased modestly in May 2007 with theinstallation of compression aimed at extending the life of this mature field. Exploration Review The application of a focused niche strategy based on key skills, core geologicalplays and well understood regions continues to prove highly effective. TheGroup's exploration business is built around strategic campaigns which initiallycomprise higher-risk, high-impact activity. Where successful, as in Uganda andGhana, Tullow swiftly follows through into accelerated appraisal of its majordiscoveries and evaluation of the associated prospects. Near infrastructureexploration in territories such as the UK and Gabon complements these campaignsand sustains production revenues. Tullow remains firmly focused on growth through exploration as a key componentof a balanced group strategy and in 2007 will spend £190 million on itsworldwide exploration activities. Exploration Programme Tullow is investing in a balanced exploration programme in 2007, with 12 wellsdrilled in its core plays worldwide to date. In addition over 5,000 km of 2Dseismic and 800 sq km of 3D seismic data have been acquired and 28 new licenceshave been secured, of which 23 came via the acquisition of Hardman. Notableamongst Tullow's exploration successes are two wells offshore Ghana, and theHarrison discovery in the UK, which represents the eighth consecutiveexploration success in the CMS area. Additionally, three out of five shallowgrid-drilled wells in Suriname encountered objective oil sands, immediately eastof the Tambaredjo heavy oil field. During the remainder of 2007, Tullow anticipates participating in four morewells in Ghana, one in Gabon, and at least two wells in Uganda, one of whichwill test the high-impact Ngassa prospect. A high-impact exploration programmein India and Pakistan is also expected to commence in the fourth quarter. AFRICA Uganda Tullow has discovered a major new petroleum system in the Lake Albert Rift Basinand has built up a commanding basin-wide acreage position. All seven wellsdrilled to date have found oil and as a result the exploration risk attached tothe prospect inventory has been significantly reduced. Tullow is committed tofully and swiftly drilling up the exploration potential of the Lake Albert RiftBasin and has prepared a long-term exploration strategy encompassing onshore,near-shore and offshore drilling, ongoing 2D and 3D seismic and fielddevelopment studies. The Kingfisher well in Block 3A, on a prospect with over 500 million barrelsupside potential, was drilled and tested in early 2007. Three significantoil-bearing intervals were intersected and tested a total of 14,000 bopd.However the well did not reach the primary Kingfisher deep target. While thezones encountered to date may already represent a potentially materialdiscovery, the result has also de-risked the deeper primary target, which willnow be drilled in early 2008. 3D seismic data has been acquired over theKingfisher area to delineate the accumulation and to define further targets forappraisal and exploration drilling. In Block 2, where Tullow now holds a 100% interest, the Kaiso-Tonya three wellappraisal programme commenced in May. The first two wells, Nzizi-2 and Mputa-3,have to date been drilled. Both wells encountered hydrocarbons in a number ofzones confirming the lateral extent of the reservoir sands and verifying thegeological model. Data from these wells will now be integrated with the resultsfrom the upcoming Mputa-4 well and the 3D seismic to be acquired by year-end,each providing critical information for determining the ultimate reservepotential and for the development plan. The development pre-FEED studies arecomplete and tenders have been issued for the main facility packages to enableapproval of the Early Production System in the fourth quarter. As part of the plan to fully evaluate the potential of the Lake Albert RiftBasin, the Nabors 221 rig has been mobilised to Uganda to drill the high-impactNgassa-1 exploration well in October 2007 and the Kingfisher-2 well at the endof the year. Elsewhere in Uganda, material leads have been identified in theWaki-Butiaba area further northeast in Block 2 and in neighbouring Block 1through the ongoing 2D seismic programme. A review of oil migration pathways hasde-risked some of the leads and the recent seismic survey demonstrates analoguesto the successful traps in the Kaiso-Tonya area. Infill seismic is beingacquired to refine drilling prospects and a light rig is being considered tostart a multi-well exploration campaign in this area in early 2008. Gulf of Guinea Tullow has an active exploration, development and production campaign ongoingthroughout the West Africa Transform Margin focussing on a fairway of eightlicences in Ghana and Cote d'Ivoire, with the most recent addition being a 22.5%stake in the CI-105 licence. This exploration strategy and plan resulted in thetargeting of a very material prospect in a new deep water play offshore Ghana.The large stratigraphic trap, which straddles the boundary between two blocks inwhich Tullow participates, has been drilled by two wells, Mahogany-1 andHyedua-1. Mahogany-1 was drilled in June to a depth of 3,826m in the West Cape ThreePoints block (Tullow 22.9%) and encountered a gross hydrocarbon column of 270m.The second well, Hyedua-1, was drilled in August, 5.3km away in the adjacentDeepwater Tano block (Tullow 49.95%). This well also discovered oil and theresults show that the reservoir sands from both discoveries are likely to be incommunication. In total these discoveries have combined hydrocarbon columns of361m of 37 degree API oil, making this a world class discovery. Based on twowells, existing 3D seismic data and ongoing interpretations, Tullow currentlyconsiders that the ultimate recoverable reserves of the Mahogany-Hyeduaaccumulation range between a low-case of 150-200 mmbo, through a possible mid-case of 450-500 mmbo, to a high-case upside potentially in excess of 1.3 billionbarrels. Initial studies indicate that the most likely development scheme willconsist of a large FPSO and subsea wells. However this will be reviewedfollowing the appraisal programme and detailed concept studies. A programme of accelerated exploratory appraisal is under way. In the near term,this will comprise high resolution 3D seismic and three further appraisal wellson the Mahogany/Hyedua structure beginning in October. In addition, however, theWest Cape Three Points and Deepwater Tano Blocks also contain a number ofpotentially material prospects whose prospectivity has been enhanced by therecent results and the exploration team is focused on prioritising the best ofthese for potential 2008 drilling. Lower Congo Basin In Gabon, one exploration well is scheduled for September on the M'Pano prospectwhich is on trend from the Niungo field in the Nziembou licence. In addition,technical work is ongoing on the three Tullow-operated offshore explorationlicences, Azobe, Kiarsseny and Akoum, for a drilling campaign in late 2008. EUROPE The successful exploration strategy in the CMS Area has continued in 2007 withthe Harrison well encountering gas bearing reservoir sands in the targetedCarboniferous section, the eighth consecutive discovery by Tullow in this area.Information obtained from the well will now be integrated with existing data todetermine the extent of the accumulation which if commercial would be tied backto the Kelvin development. Two exploration wells in the Central North Sea drilled on the Acer and Peverilprospects were unsuccessful. While the current environment in the UK gas market is reducing capitalallocation to Tullow's Southern North Sea assets, Tullow believes theThames-Hewett, Bacton and CMS areas still offer potentially attractiveexploration opportunities, and several prospects are under review forexploration wells in 2008 Based on our detailed evaluation and drilling success in the Carboniferous inthe CMS area, we have identified the nearby Epidote prospect in block E/13 inthe Dutch sector as a potential 2008 development opportunity. We have acquiredthis acreage and have made applications for a further five blocks on the sametrend. Additionally, following review of the NAM sales package, we haveacquired L12/L15 part blocks, which lie close to the coast and existinginfrastructure. These offer a good exploration opportunity which, if successful,can be developed along with an existing discovery within the same licence. Wecontinue to look for further opportunities to grow the business in the lessexplored Dutch sector. In February Tullow was awarded three blocks in the undrilled Alentejo Basin offthe southwest coast of Portugal. A detailed seismic infill programme across theacreage is planned for 2008. SOUTH ASIA India On Block CB-ON/1, completion of the processing and interpretation of the 1,500km 2D seismic programme has resulted in the identification of a number ofprospects which will form the basis of a multi-well drilling campaign on theblock, scheduled to commence in early 2008. The drilling programme consists ofthree firm wells plus three wells contingent on seismic and well results, andwill target a range of different play types within the rift basin. An additional2D seismic programme (400km) commenced in the second quarter, targeted atmaturing additional leads identified. Bangladesh Evaluation of the remaining exploration potential of Block 9 continued withextensive geological studies undertaken. In Block 17 & 18, approval of anadditional three year extension period was received while formal approval forTotal to assume operatorship of the Block was received. Partners are nowpreparing to commence a seismic acquisition programme in the later part of 2007which will commence with a bathymetry survey in October and followed by a 3Dseismic programme early next year. Pakistan Progress on some exploration blocks in Pakistan has been limited due to securityissues. However, in the Kohat block, interpretation and integration of newlyacquired 2D seismic data has produced two robust prospects in the eastern andcentral parts of the Block. Planning for the commencement of the drillingprogramme is well advanced with the first of two wells is anticipated to spudduring Q4 2007. SOUTH AMERICA Tullow gained positions in Suriname, French Guiana and the Falkland Islands viathe Hardman acquisition, and has been actively managing this emerging portfoliothrough 2007. Since completion, Tullow has also been invited to negotiatelicences in Trinidad. Suriname Tullow executed PSC's for two onshore blocks (Uitkijk and Coronie) adjacent tothe country's main producing oil field, Tambaredjo. An initial explorationdrilling campaign of up to 10 shallow wells on the Uitkijk licence commenced inlate July. To date five wells have been drilled and while three have encounteredhydrocarbons, no decisions on development or future activities will be possibleuntil the conclusion of the full programme. French Guiana Tullow successfully concluded renewal of its large offshore licence; the companyis now planning for an operated exploration well on the large Matamata prospectduring 2008. Tullow currently has a 77.5% interest in this licence and is likelyto seek an additional partner in the licence in advance of any drilling. Falkland Islands The Phase I seismic and electromagnetic logging (CSEM) acquisition was completedduring the year. Tullow has indicated to the joint venture that it is unlikelyto continue to participate in the seven licences beyond the current term, whichwill expire in December this year. Trinidad Tullow was announced as the successful bidder for two key blocks offered in the6th exploration licensing round (Block 2a/b and Guayaguayare); the company ispresently concluding negotiations for Production Sharing Contracts (PSC's) forboth blocks with the government, and planning to commence exploration operationsin 2008. Upcoming Exploration Activity Country Licence Prospect Interest Spud Date Cameroon Ngosso Tali 40.0% Q407Gabon Nziembou Mpano 40.0% Q307Ghana Deep Water Tano Hyedua 2 49.95% Q407Ghana WCTP Mahogany 2 22.9% Q407Ghana WCTP Mahogany 3 22.9% Q407Ghana Shallow Water Tano North Tano 31.5% Q307Uganda Block 2 N'Gassa 100.0% Q307Uganda Block 2 Mputa 4 100.0% Q307India CB-ON/1 A3 50.0% Q108India CB-ON/1 A6 50.0% Q108Pakistan Kohat Kohat East 50.0% Q407Suriname Uitkijk Campaign 40.0% Ongoing Finance Review Tullow continued to deliver a strong operating performance in the first half of2007. Production reached nearly 70,000 boepd and oil pricing continued to bestrong, although the realised UK gas price, which relates to approximately 40%of current production, was sharply lower than in 2006 and this materiallyimpacted results for the period. During the period, Tullow also completed theacquisition of Hardman and the performance and fair values associated with theseinterests have been consolidated with effect from 1 January 2007. The Groupcontinues to generate significant operating cashflows and remains well financedto meet its ongoing investment opportunities. Key Performance Indicators 1H 2007 1H2006 Change Production (boepd, working interest basis) 69,700 62,800 + 11%Realised Oil Price per bbl ($) 56.09 54.42 + 3%Realised Gas Price (pence per therm) 36.86 53.33 - 31%Cash Operating Costs per boe (£)1 5.05 4.85 + 4%Operating Cash flow before Working Capital per boe (£) 16.01 21.62 - 26%Net Debt 514.3 80.1 + 542%Interest cover 8.9 39.3 Down 30.4 timesGearing (%)2 66% 17% + 49% 1Cash operating costs are cost of sales excluding depletion, depreciation andamortisation and under/over lift movements 2Gearing is net debt divided by net assets Operating Performance Working interest production averaged 69,700 boepd, while sales volumes averaged61,500 boepd. These production figures are 11% ahead of the corresponding periodin 2006 and 8% ahead of 2006 full year production rates. Oil prices continued to be strong during the first half and Tullow's realisedoil price, after hedging, was US$56.09/bbl (1H2006: US$54.42/bbl). Tullow's oilproduction sold at an average discount of 3% to Brent during the period and thislevel of discount is expected to continue for the remainder of 2007. While oil pricing was positive, UK gas price realisations fell by 31% to 36.86p/therm (1H2006: 53.33p/therm). Following a period of exceptionally strong pricingin the first half of 2006 new sources of supply and a mild winter combined toreduce the average day ahead UK gas spot price for the first half of 2007 to21.0p/therm. Tullow's UK gas hedge programme proved highly effective during theperiod, contributing approximately 16.0p/therm to the Group's realised price.The Group also received tariff income of £8.9 million (1H2006: £8.3 million)from use of its UK infrastructure. The combination of the higher oil price and increased volumes was more thanoffset by the weaker UK gas price and this meant that revenue decreased by 8% to£284.9 million (1H2006: £310.7 million). Revenue analysed by Core Area Oil Gas Total % of Total £ millions £ millions £ millions Africa 162.2 - 162.2 57%Europe - 119.4 119.4 42%South Asia - 3.3 3.3 1%South America - - - -Total 162.2 122.7 284.9% of Total 57% 43% Operating Profit before Exploration Activities amounted to £124.2 million(1H2006: £178.5 million), down 31%, principally due to the lower UK realised gasprices during the period. Underlying cash operating costs, which exclude depletion, depreciation andamortisation and movements on under/over lift, amounted to £63.7 million (£5.05/boe) (1H2006: £4.85/boe). Reported Cost of Sales before depletion, depreciationand amortisation for the period of £66.5 million (1H2006: £59.6 million) includean adjustment of £2.9 million (at market value) associated with overliftedvolumes at 30 June 2007 and stock movements during the period. Depletion, depreciation and amortisation for the period amounted to £79.1million (£6.27/boe) (1H2006: £5.66/boe). This rate has increased due to theinclusion of depreciation associated with the Chinguetti field in Mauritania andthe ongoing impact of the 2006 reserve downgrade on the Schooner and Ketchassets. Administrative expenses of £14.5 million (1H2006: £8.3 million) include anamount of £2.5 million (1H2006: £1.5 million) associated with share basedpayments under IFRS 2 and costs of approximately £2.0 million associated withthe closure of the Hardman office in Perth. Exploration Write-off Exploration costs written-off were £13.2 million (1H2006: £17.6 million), inaccordance with the Group's "successful efforts" accounting policy, whichrequires that all costs associated with unsuccessful exploration are written offto the Income Statement. This write-off is principally associated withactivities in the UK, Gabon, the Falklands and also new ventures during theperiod. Hardman 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. Thecash payment was funded by a combination of existing debt facilities and a newfacility provided by Bank of Scotland. A preliminary fair value exercise wasundertaken to determine the values attributable to the acquired assets andliabilities within the Group's Balance Sheet as at 31 December 2006 and thisallocation will be reviewed before year end in accordance with the provisions ofIFRS 3 relating to Business Combinations. Hedging reflected in Income Statement (IAS 39) At 30 June 2007 the Group's derivative instruments had a negative mark to marketvalue of £56.6 million. While all of the Group's derivative instruments currently qualify for hedgeaccounting, a charge of £21.2 million (£15.0 million after taxation) has beenrecognised in the income statement for the first half of 2007. Of this charge£15.3 million relates to oil and gas hedges and this amount principally reflectsan unfavourable movement in the non-intrinsic (or time value) component of theoil hedges, most notably collar structures. This is largely due to the Brentforward oil prices improving since the beginning of the year thereby conferringgreater potential value to the Group's oil hedge counterparties. The remaining charge of £5.9 million relates to the Group's foreign exchangederivatives associated with the acquisition of Hardman Resource Limited whichmatured upon completion of the transaction in January 2007; an equal andopposite credit was recognised in the 2006 Financial statements. Hedge Position The Group's hedge position as at 24 August 2007 can be summarised as follows: 2H2007 2008 2009OilVolume - bopd 21,066 17,293 10,000Current Price Hedge - US$/bbl 62.74 60.61 53.28Gas HedgesVolume - mmscfd 97.8 61.2 18.9Current Price Hedge - p/therm 38.58 43.34 41.18 Financing costs and interest cover The net interest charge for the period was £23.2 million (1H2006: £6.2 million).The increase is principally due to significantly higher debt levels followingthe completion of the Group's acquisition of Hardman Resources in January 2007.In addition, however, the amortisation of finance costs associated with the US$1billion Bridge Facility negotiated to effect this transaction and a reducedlevel of interest capitalisation in relation to development assets have alsocontributed to the increase. Net debt at 30 June 2007 was £514.3 million(1H2006: £80.1 million). The Group's gearing has increased to 66% (1H2006: 17%)and interest cover has reduced to 8.9 times (1H2006: 39.3 times), still a verycomfortable level in the context of the Group's overall production and cashgeneration capability. Tullow has maintained a high level of investment activity during the first halfand in the event of continued success in the Group's development and appraisalprogrammes, material long term increases in the Group's rate of investment arelikely. Tullow aims to manage these obligations through effective portfoliomanagement in order to maintain optimal long term equity stakes in the Group'smost valuable assets. In addition the Group will continue to employ suitabledebt financing options which are aligned with the production and risk profile ofits assets. Taxation The tax charge of £30.0 million (1H2006: £57.7 million) relates to the Group'sNorth Sea, Equatorial Guinea and Gabonese activities and represents 45% of theGroup's profit before tax (1H2006: 38%). After adjusting for explorationcosts and movements associated with overlift balances, the Group's underlyingeffective tax rate for the period is 36% (1H2006: 33%). Dividend Since the inception of dividends in 2003, Tullow has steadily increased payoutsin line with growth. In 2006, the total dividend payout reached 5.5 pence pershare, driven by record UK gas pricing and strong oil price realisations. During2007 the Group's allocation of capital has been driven by the outstandingsuccesses of our Ghana and Uganda programmes and due to the quality of thesereinvestment opportunities the Board feels that it is appropriate to maintainthe interim dividend at the 2006 level. Consequently the Board has declared aninterim dividend of 2.0 pence per share (1H2006: 2.0 pence per share). Thedividend will be paid on 7 November 2007 to shareholders on the register at 5October 2007. Operating Cash Flow and Capital Expenditure The Group generated Operating Cash Flows before Working Capital Movements of£201.8 million (1H 2006: £245.7 million). This cash flow facilitated investmentof £175 million in exploration and development activities, payment of anincreased final dividend and servicing of the increased debt facilities. Tullow currently anticipates a total 2007 capital expenditure of approximately£415 million across all assets. The planned expenditure will be split 55% onproduction and development activities in the UK, Congo (Brazzaville), CoteD'Ivoire, Equatorial Guinea, Mauritania, Bangladesh and Pakistan and 45% onexploration. The increase in exploration expenditure has principally beendriven by the acceleration of the appraisal programmes in Ghana and Uganda,which together are expected to represent over 25% of total 2007 capitalexpenditure. Outlook Tullow's business has reached a new level in terms of scale and opportunity in2007. Production is expected to average 72-75,000 boepd for the year and oilprices are likely to remain strong. The successes in Ghana and Uganda andadditional high-impact programmes in Namibia and India provide outstandingopportunities for long term growth in reserves, production and business value. 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. Independent Review Report To the Shareholders of Tullow Oil plc Introduction We have been instructed by the Company to review the financial information forthe six months ended 30 June 2007 which comprises the Group income statement,Group statement of recognised income and expense, Group balance sheet, Groupcash flow statement and related notes 1 to 6. We have read the otherinformation contained in the interim report and considered whether it containsany apparent misstatements or material inconsistencies with the financialinformation. This report is made solely to the Company in accordance with Bulletin 1999/4issued by the Auditing Practices Board. Our work has been undertaken so that wemight state to the Company those matters we are required to state to them in anindependent review report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other thanthe Company, for our review work, for this report, or for the conclusions wehave formed. Directors' responsibilities The interim report, including the financial information contained therein, isthe responsibility of, and has been approved by, the directors. The directorsare responsible for preparing the interim report in accordance with the ListingRules of the Financial Services Authority which require that the accountingpolicies and presentation applied to the interim figures are consistent withthose applied in preparing the preceding annual accounts except where anychanges, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with the guidance contained in Bulletin1999/4 issued by the Auditing Practices Board for use in the United Kingdom. Areview consists principally of making enquiries of group management and applyinganalytical procedures to the financial information and underlying financial dataand, based thereon, assessing whether the accounting policies and presentationhave been consistently applied unless otherwise disclosed. A review excludesaudit procedures such as tests of controls and verification of assets,liabilities and transactions. It is substantially less in scope than an auditperformed in accordance with International Standards on Auditing (UK andIreland) and therefore provides a lower level of assurance than an audit.Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the six monthsended 30 June 2007. Deloitte & Touche LLPChartered AccountantsLondon3 September 2007 Group Income StatementSix Months ended 30 June 2007 6 months 6 months Year ended ended ended 30.06.07 30.06.06 31.12.06 Unaudited Unaudited Audited £'000 £'000 £'000 Sales Revenue 284,939 310,720 578,847Cost of sales (145,608) (123,880) (261,268) Gross Profit 139,331 186,840 317,579Administrative expenses (14,540) (8,331) (22,490)Disposal of subsidiaries (597) - -Exploration costs written off (13,241) (17,551) (32,494) Operating Profit 110,953 160,958 262,595(Loss)/gain on hedging instruments (21,158) (1,678) 15,701Finance revenue 1,758 3,228 3,030Finance costs (24,967) (9,397) (17,994) Profit from Continuing Activities before Tax 66,586 153,111 263,332Income tax expense (30,027) (57,667) (105,894) Profit for the Period from Continuing Activities 36,559 95,444 157,438 Earnings per Ordinary Share Stg p Stg p Stg p- Basic 5.12 14.72 24.23- Diluted 5.03 14.42 23.67 Group Statement of Recognised Income and ExpenseSix Months Ended 30 June 2007 6 months 6 months Year ended ended ended 30.06.07 30.06.06 31.12.06 Unaudited Unaudited Audited £'000 £'000 £'000 Profit for the Period 36,559 95,444 157,438Currency translation adjustments (5,604) (29,876) (55,057)Hedge movement (6,551) (2,048) 68,236 Total Recognised Income and Expense for the Period 24,404 63,520 170,617 Group Balance SheetAs at 30 June 2007 6 months 6 months Year ended ended ended 30.06.07 30.06.06 31.12.06 Unaudited Unaudited Audited £'000 £'000 £'000 ASSETSNon-Current Assets Intangible exploration and evaluation assets 854,497 186,945 820,437 Property, plant and equipment 969,719 768,600 934,368 Investments 447 496 496 1,824,663 956,041 1,755,301 Current AssetsInventories 15,940 12,473 13,735Trade receivables 82,730 51,667 74,609Other current assets 25,466 21,777 28,963Cash and cash equivalents 57,181 67,808 99,478 Derivative financial instruments - - 16,065 181,317 153,725 232,850 Total Assets 2,005,980 1,109,766 1,988,151 LIABILITIESCurrent LiabilitiesTrade and other payables (159,892) (147,104) (161,797)Hardman acquisition payable - - (333,912)Other financial liabilities (11,257) (2,447) (7,516)Income tax payable (18,558) (28,292) (20,549)Derivative financial instruments (12,840) (59,593) - (202,547) (237,436) (523,774) Non-Current LiabilitiesTrade and other payables (7,541) (11,576) (17,137) Other financial liabilities (549,416) (138,476) (206,883)Deferred tax liabilities (320,768) (97,951) (311,925)Provisions (120,595) (102,344) (124,868)Derivative financial instruments (43,797) (81,220) (37,088) (1,042,117) (431,567) (697,901) Total Liabilities (1,244,664) (669,003) (1,221,675) Net Assets 761,316 440,763 766,476 EQUITYEquity attributable to Equity Holders of theParentCalled up share capital 71,877 64,989 65,190Share premium 127,621 124,547 126,075Other reserves 283,035 33,083 69,791 Shares to be issued - - 235,621 Retained earnings 278,783 218,144 269,799 Total Equity 761,316 440,763 766,476 Group Cash Flow StatementSix months ended 30 June 2007 Note 6 months 6 months Year ended ended ended 30.06.07 30.06.06 31.12.06 Unaudited Unaudited Audited £'000 £'000 £'000 Cash Flows from Operating ActivitiesCash generated from operations 6 175,065 257,648 404,064 Income taxes paid (21,909) (23,185) (61,868) Net cash from operating activities 153,156 234,463 342,196 Cash Flows from Investing ActivitiesAcquisition of subsidiaries (334,855) - 21,336Disposal of subsidiaries - (597) - -Disposal of oil and gas assets - - 727 -Purchase of intangible exploration & evaluation (44,655) (40,734) (67,976)assetsPurchase of property, plant and equipment (130,252) (111,651) (243,087)Finance revenue 1,662 3,229 3,030 Net cash used in investing activities (508,697) (148,429) (286,697) Cash Flows from Financing ActivitiesNet proceeds from issue of share capital 1,734 1,772 3,502Debt arrangement fees (6,442) (1,734) (1,175)Repayment of bank loans (16,941) (56,844) (27,914)Drawdown of bank loan 380,475 5,506 59,996Finance costs (23,479) (9,526) (16,997)Dividends paid (25,051) (19,505) (32,492) Purchase of treasury shares (3,723) - (3,977) Net cash generated by/(used in) financing 306,573 (80,331) (19,057)activities Net Increase/(Decrease) in Cash and Cash Equivalents (48,968) 5,703 36,442Cash and Cash Equivalents at Beginning of Period 99,478 65,386 65,386 Translation Difference 6,671 (3,281) (2,350) Cash and Cash Equivalents at End of Period 57,181 67,808 99,478 Notes to the Interim Financial Statements Six Months ended 30 June 2007 1. Basis of Accounting and Presentation of Financial Information These interim consolidated financial statements (the interim financialstatements) are for the six months ended 30 June 2007 and have been preparedusing accounting policies consistent with International Financial ReportingStandards (IFRS) adopted for use by the European Union. The accounting policiesand methods of computation used in the interim financial statements areconsistent with those used in the Group 2006 annual report. The financial information for the year ended 31 December 2006 does notconstitute statutory accounts as defined in section 240 of the Companies Act1985. This information was derived from the statutory accounts for the yearended 31 December 2006, a copy of which has been delivered to the Registrar ofCompanies. The auditors' report on those accounts was not qualified and did notcontain statements under section 237(2) or (3) of the Companies Act 1985. 2. Earnings per Share The calculation of basic earnings per share is based on the profit for theperiod after taxation of £36,558,991 (1H2006: £95,444,025) and a weightedaverage number of shares in issue of 714,714,367 (1H2006: 648,423,888). 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 11,727,029 (1H2006: 13,525,872) in respect ofemployee share options, resulting in a diluted weighted average number of sharesof 726,441,396 (1H2006: 661,949,760). 3. Dividends The Company's shareholders approved a final dividend for the year ended 31December 2006 of 3.5p per share at the Annual General Meeting on 31 May 2007.This amount was paid on 6 June 2007 to shareholders on the register of membersof the Company on 4 May 2007. The Board has declared an interim 2007 dividend of 2.0p per share in the halfyear to 30 June 2007 to be paid on 7 November 2007 to shareholders on theregister on 5 October 2007 (1H2006: 2.0p per share) 4. Approval of Accounts These interim accounts (Unaudited) were approved by the Board of Directors on 3September 2007. 5. 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 six months ended 30June 2007 and 2006. Europe Africa Asia South Unallocated Total America £'000 £'000 £'000 £'000 £'000 £'0002007Sales revenue by origin 119,350 162,246 3,343 - - 284,939 Segment result 41,456 85,478 1,650 (2,494) - 126,090 Disposal of subsidiaries (597) Unallocated corporate expenses (14,540) Operating profit 110,953Loss on hedging instruments (21,158)Finance revenue 1,758Finance costs (24,967) Profit before tax 66,586Income tax expense (30,027) Profit after tax 36,559 Total assets 540,955 1,269,757 64,936 95,728 34,604 2,005,980Total liabilities (236,565) (411,304) (19,045) (33,369) (544,381) (1,244,664)Other segment informationCapital expenditure:Property, plant and equipment 76,218 49,383 5,530 - - 131,131Intangible fixed assets 15,033 33,326 1,958 2,529 - 52,846Depletion, depreciation and (36,612) (41,149) (1,090) - (894) (79,745)amortisation Europe Africa Asia South Unallocated Total America £'000 £'000 £'000 £'000 £'000 £'0002006Sales revenue by origin 157,532 152,234 954 - - 310,720 Segment result 92,202 79,477 (2,390) - - 169,289 Unallocated corporate expenses (8,331) Operating profit 160,958Loss on hedging instruments (1,678)Finance revenue 3,228Finance costs (9,397) Profit before tax 153,111Income tax expense (57,667) Profit after tax 95,444 Total assets 473,113 562,206 52,550 - 21,897 1,109,766Total liabilities (249,723) (263,926) (19,365) - (135,989) (669,003)Other segment informationCapital expenditure:Property, plant and equipment 72,689 40,185 8,184 - - 121,058Intangible fixed assets 15,572 18,647 4,731 - - 38,950Depletion, depreciation and (32,884) (29,899) (778) - (693) (64,254)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. 6. Cash Flows from Operating Activities 6 months 6 months Year ended ended ended 30.06.07 30.06.06 31.12.06 Unaudited Unaudited Audited £'000 £'000 £'000 Profit before taxation 66,586 153,111 263,332Adjustments for:Depletion, depreciation and amortisation 79,745 64,254 146,581Net foreign exchange (gains)/losses (179) 1,446 840Exploration costs written off 13,241 17,551 32,494 Disposal of subsidiaries 597 - -Decommissioning expenditure (5,053) - -Share based payment charge 2,523 1,537 4,186Loss/(gain) on hedging instruments 21,158 1,678 (15,701)Finance revenue (1,758) (3,228) (2,451)Finance costs 24,967 9,397 17,415 Operating Cash Flow before Working Capital Movements 201,827 245,746 446,696(Increase)/decrease in trade and other receivables (4,623) 22,589 509Increase in inventories (2,205) (7,332) (4,729) Decrease in trade payables (19,934) (3,355) (38,412) Cash Generated from Operations 175,065 257,648 404,064 7. Commercial Reserves and Contingent Resources Summary (Not reviewed by Auditors) working interest basis EUROPE AFRICA ASIA TOTAL Oil Gas Oil Gas Oil Gas Oil Gas Petroleum mmbbl bcf mmbbl bcf mmbbl bcf mmbbl bcf mmboeCommercialReserves1 Jan 2007 - 302.4 147.8 21.2 - 103.7 147.8 427.3 219.1Revisions - 9.0 2.4 - - 11.6 2.4 20.6 5.8Acquisitions - - - - - - - - -Production - (28.2) (7.1) (0.4) - (3.7) (7.1) (32.3) (12.5)30 June 2007 - 283.2 143.1 20.8 - 111.6 143.1 415.6 212.4 ContingentResources1 Jan 2007 - 174.7 55.9 1,191.2 - 22.5 55.9 1,388.4 287.3Revisions - (13.8) 27.0 - - (6.3) 27.0 (20.1) 23.6 Disposals - (17.5) - (173.6) - - - (191.1) (31.8)30 June 2007 - 143.4 82.9 1,017.6 - 16.2 82.9 1,177.2 279.1 Total30 June 2007 - 426.6 226.0 1,038.4 - 127.8 226.0 1,592.8 491.5 1. Proven and Probable Commercial Reserves are based on a Group reserves report produced by an independent engineer. Reserve estimates for each field are generally subject to detailed review at least every two years. 2. Proven and Probable Contingent Resources are based on both Tullow's estimates and the Group reserves report produced by an independent engineer. 3. Tullow has classified the Ugandan discoveries Mputa and Nzizi as Commercial Reserves. 4. Mauritanian reserves and resources are based on Operator or independent engineer report values as appropriate. 5. The revision to Africa Contingent Resources relates to a limited area around the Kingfisher-1 well in Uganda. 6. The Mahogany and Hyedua discoveries in Ghana are not included in the above. 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 147.0 mmboeat 30 June 2007 (31 December 2006: 145.8 mmboe). Net entitlement reserves arecalculated based on a long-term oil price of $50/bbl (2006: $40/bbl). 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). TheGroup has interests in over 120 production and exploration licences in 23countries and focuses on four core areas: Europe, Africa, South Asia and SouthAmerica. For further information please consult the Group's websitewww.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 BST - 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 4 September until 10 September. Thetelephone numbers and access codes are: Live Event Replay Facility available from Noon UK Participants 020 7138 0815 UK Participants 020 7806 1970Irish Participants 01 655 0186 Irish Participants 01 659 8321 Access Code 7419064# 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 BST - 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 073 8912 UK Local Call 0845 140 0173International +44 1452 568 060 Irish Free Call 1 800 992 204ParticipantsUSA Toll Free +1 866 224 3295 Access Code 13937962 15:00 BST - 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 4 September until 10 September. The telephonenumbers and access codes are: Live Event Replay Facility available from 20:30Domestic Toll Free +1 888 469 4228 Domestic Toll Free +1 800 406 7325Toll +1 480 629 9564 Toll +1 303 590 3030 Access Code 3774992# 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:
Tullow Oil