Tullow Oil plc is one of Europe’s largest independent exploration and production companies and operates a versatile and balanced worldwide portfolio of quality oil and gas assets, managed by a team with excellent technical, commercial and financial skills.

Production and development

Our producing assets performed strongly during 2007, driving Group output to 73,100 boepd. 2008 has the potential to be another transformational year as we prepare to develop and operate the world-class Jubilee field in Ghana.

Tullow has a high quality, diverse portfolio of production and development assets. Over the­ last few years the Group has developed a strong track record of reserves and production growth and has delivered material value. Tullow is now entering a new phase in its development, operating major projects in both Ghana and Uganda that individually have the potential to more than double current reserves and production.

Exploration

2007 was an extraordinary year for Tullow’s exploration team with an overall success rate of 56% across our global exploration programme and the discovery of the Jubilee field, offshore Ghana, the Group’s largest oil discovery to date.

Tullow’s exploration strategy is to build on the success of recent years, focusing on four core plays where our track record is strongest. Geology is considered over geography as a fundamental principle in Tullow’s exploration strategy and only the best prospects are targeted after rigorous technical and commercial evaluation. Exploration is undertaken via efficient regional campaigns, capitalising on success with material acreage positions. Six campaigns are currently ongoing.