Tullow to Plug and Abandon the Rasulpur-1 Well in Bangladesh

Tullow Oil reports that the Rasulpur-1 well, the first of a three well program in Block 9, Bangladesh, commenced drilling on December 11, 2003 and reached its total depth of 3,295 meters on February 11th. While the well encountered some potentially encouraging reservoir intervals, an analysis of the well logs indicates that no significant quantities of moveable hydrocarbons are present. The well will now be plugged and abandoned.

The drilling rig will move to Lalmai where drilling is expected to commence in late February. The third well on Block 9, on the Bangora Prospect, will follow Lalmai.

Tullow is the operator and holds a 30% stake.

Commenting on the program, Aidan Heavey, Chief Executive of Tullow said: "While the result of Rasulpur is disappointing for Tullow and our partners, it represents the start of an extensive drilling program which will test a number of attractive prospects in each of our core areas during 2004. The remaining wells in each area have the potential to add significant value to Tullow"