Issue of Shares

Tullow Oil plc20 November 2012

Tullow Oil plc ("Tullow" or "the Company")

Tullow announces that on 19 November 2012 it agreed to issue 224,955 ordinary shares of 10 pence each in the share capital of the Company (the "Shares") to Petrolin Trading Limited ("Petrolin") in settlement of a debt obligation of its subsidiary, Tullow Gabon Limited, to pay Petrolin US$5 million. Tullow Gabon Limited had previously agreed to pay Petrolin such amount in consideration for the termination of certain crude oil marketing agreements. Under these agreements, Petrolin had the right to market part of Tullow's West Africa crude oil production.

Application will be made to the UK Listing Authority and the Irish Stock Exchange for the Shares to be admitted to the official list of the UK Listing Authority and the official list of the Irish Stock Exchange and application will be made to the London Stock Exchange and the Irish Stock Exchange for the Shares to be admitted to trading on their respective markets. Such admissions are expected to occur on 26 November 2012.

For further information contact:

Chris Perry - Tullow Oil plc 0203 249 9000

Graham Martin - Tullow Oil plc 0203 249 9000