Tullow Acquires Ghanian Interests of EO Group

Further to the announcement made on May 26, 2011 in relation to the conditional acquisition of the Ghanaian interests of EO Group Limited for $305 million, Tullow announced that all of the conditions to the acquisition were satisfied and the acquisition completed today.

This acquisition, with an effective date of 1 December 2010, will increase Tullow’s interest in the West Cape Three Points licence offshore Ghana by 3.5% to 26.4% and increase the Group’s interest in the Jubilee field, which Tullow operates, by 1.75% to 36.5%.

Following the completion, 10,137,196 ordinary shares of 10p each in the capital of Tullow (Shares), are expected to be admitted on July 26, 2011 to the official list of the UK Listing Authority and the official list of the Irish Stock Exchange and to trading on the main markets of the London Stock Exchange and the Irish Stock Exchange. The shares satisfy approximately $216 million of the consideration and the balance, which includes certain working capital adjustments, has been paid in cash.

Following Admission, the total number of Shares in issue is 900,315,402, and the total number of voting rights in the Company is 900,315,402. The Company holds no Shares in treasury.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.


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