Tullow Oil Updates Worldwide Operations

Tullow Oil issues the following update in respect of its worldwide exploration and appraisal/development drilling programs.

Republic of Congo

K/A-IMI Unit (Tullow 2%)
An oil discovery at the Lianzi-1 exploration well was announced by the operator, ChevronTexaco, and further evaluation is ongoing. The discovery is located in the shared K/A-IMI Unit in the deepwater area between the Republics of Angola and Congo. A further well will be drilled in 2005.

M'Boundi Field (Tullow 11%)
An active program of development is continuing on the M'Boundi field in the Congo with 3 rigs currently drilling. The results of recent step-out/appraisal wells have enhanced production from 7,200 bopd in January 2004 to a current level of approx 27,000 bopd (gross). It is planned to drill a minimum of 10 further development wells before the end of 2004.

N'Kossa (Tullow 4%)
Development drilling and sidetrack operations are currently ongoing at N'Kossa (2 wells). Successful drilling at Nkossa has increased production to around 35,000 bpd (oil plus LPG), offsetting production decline since January 2004.


Matruh Onshore/Offshore (Tullow 20%)
The Amethyst-1x exploration well was spudded in late August and drilling is still in progress.


Block 2 (Tullow 20%)
The Dorade-1 exploration well was drilled to total depth and wireline logs have been run. Evaluation of the wireline data indicates that Dorade-1 has not encountered any hydrocarbons. Some good quality Late Miocene sands have been intersected but are water bearing. The well is currently being plugged and abandoned.

Block 1 (Tullow 20%)
The Petrel-1 exploration well is planned for Q1 2005.


Aggregate production in Gabon has increased from 15,100 bopd in January 2004 to a level of approximately 17,000 bopd net to Tullow. A number of development initiatives are ongoing within Tullow's Gabonese licenses.

Etame Field (Tullow 7.5%)
The ET-5H development well has been successfully completed, and gross total field production has increased to around 22,000 bopd, up from 14,800 bopd in January 2004. Development plans for the recently discovered Ebouri and Avouma fields are in progress.

Niungo (Tullow 40%)
Successful drilling at Niungo has resulted in increased gross production from 7,150 bopd in January 2004 to around 10,500 bopd. A further 4 development wells are scheduled to be drilled in 2004.

Tchatamba South (Tullow 25%)
A production well is currently being drilled on Tchatamba South and a further contingent production well is planned based on the results of the first well. Gross production is currently running at 32,500 bopd, up from the January 2004 level of 31,400 bopd.


Block 3, Turaco-3 Well (Tullow 50%)
The Turaco-3 well commenced drilling on 24 September, approximately one month ahead of schedule and it is expected that total depth will be reached by mid November. The Turaco area 3D seismic acquisition is on schedule for completion by the end of November. A further well is planned for early 2005 based on the current 3D seismic program in the Turaco area.

Equatorial Guinea

Ceiba Field (Tullow 14.25%)
Production is currently averaging approximately 40,000 bopd gross, up from 32,000 bopd in January 2004. The recently drilled Ceiba-24 producer is currently being completed and will contribute to production by the end of October.

Northern Block G (Tullow 14.25%)
Development planning for four of the discoveries to the north of the Ceiba field, collectively known as Northern Block G, is well advanced following recent official approval. First production from this development is targeted for early 2007. A commitment exploration well on the Akom North prospect is also scheduled for late 2004.

Côte d'Ivoire

An infill drilling program on the Espoir field is due to commence in Q1 2005 and the West Espoir development construction is proceeding on schedule with first oil due in the first half of 2006.

The Acajou North exploration well is due to spud in November. Development options on the discovery Acajou South will await the outcome of this well.


Block 9, Bangora-1 (Tullow 30%)
The Bangora-1 well has been logged and completed and the rig released prior to long term testing. Appraisal/Development plans will be agreed with partners on completion of the long term test.

United Kingdom North Sea

Alba Extreme South (Tullow 8%)
First oil from the Alba Extreme South field commenced on 14th October. Production from the three wells is expected to be in the order of 35,000 bopd.

Horne and Wren, 53/3c-7 well
The Noble Ronald Hoope rig is on location to spud the 53/3c-7 well in the next few days.

P133, Block 53/3a-7, P4 well (Tullow 35%)
The P4 exploration well was plugged and abandoned as a non-commercial gas discovery in mid October.

Aidan Heavey, Chief Executive of Tullow commented on the program as follows:

"Our exploration drilling program this year has so far resulted in six discoveries: Lalmai & Bangora (Bangladesh), Monroe (UK), Avouma (Gabon), Mobim (Congo) and Lianzi (Congo JDA), all of which are already in varying stages of appraisal and development. This, combined with our ongoing success in our development drilling programs, continues to demonstrate that our strategy of adding value through exploration and exploitation of existing reserves is working."

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