Building a balanced portfolio of Exploration and Production Assets NOT AN OFFICIAL UNCTAD RECORD Tullow in AFRICA Building a balanced portfolio of Exploration and Production Assets

2004 - A Landmark Year for 18 year old Tullow Oil Over $1 billion on acquisitions Energy Africa, Schooner and Ketch (North Sea Gas Fields) New organisation structure COO: Production and Development, five business units Exploration Director, enhanced exploration focus EHS/CSR policies aligned across enlarged group Exploration success Discoveries in Bangladesh “Snuggle” exploration in Gabon, Equatorial Guinea and the UK Quality assets Current working interest production over 56,000 boepd Quality reserves 326 mmboe total reserves, 173 mmboe commercial reserves Focused growth strategy Africa, NW Europe, South Asia 1

The 2005 Tullow “footprint” 3 core areas (operator in all 3) Africa NW Europe South Asia 16 Countries, 12 in Africa 90 Licences 25 producing fields Strategic focus on: Oil in West Africa Gas in the UK SNS Growth in South Asia Major offices London (HQ), Dublin, Cape Town. Many regional offices. C. 200 employees Market capitalisation c. £1.1 bn NW Europe South Asia Africa 2

Ongoing active portfolio management Focus on those assets where we can add value through: Material influence Upside potential Operational innovation Strategic objectives: Build strong positions in core areas Consolidate niche positions in developing regions Exit where we can’t achieve material influence Continually reviewing our portfolio versus long term growth: Since year end disposed of Alba/Caledonia and offshore Congo Headline consideration of US$184 m 3

SOME NUMBERS

Balanced growth is the key Revenue Balance Production Balance Africa 47% Africa 47% 2004: US$430 million 2004: 40,600 boepd Product Balance Reserves Balance 2004: US$430 million 2004: 326 million mmboe Building a balanced portfolio of Exploration and Production Assets 5

2005 Development and Exploration Spending Total Africa Africa Africa US$ Development Exploration Total Africa 135.0 48.0 183.0 NW Europe 40.0 23.0 63.0 Asia 15.0 5.0 20.0 TOTAL 190.0 76.0 266.0 11

OPERATIONS REVIEW

Recent Highlights 2004 was an exceptional year for Tullow’s production and development businesses Acquisitions: Energy Africa, Schooner & Ketch, Orwell, Horne & Wren Integration: Reorganisation to Business Unit structure Africa Production increased to over 30,000 bopd Reserves: replacement 250% Developments: M’Boundi expansion, West Espoir and Okume sanction Kudu: JDA signed July; conceptual engineering completed UK Opex: Bacton/Hewett 25% reduction, Thames export up >100% Development: CMSIII completed, Horne & Wren and Munro underway Operatorship: positioned to increase to 60% of production South Asia Bangladesh: Bangora and Lalmai gas field discoveries Pakistan: strategic review and progress on Chachar field development 13

Tullow’s Africa Strategy Capitalise on 18 years African experience both onshore and offshore Pursue opportunities that arise as majors exit non-material assets Target near-shore operated development projects Extract additional value from existing assets with operational innovation “Snuggle” exploration balanced with higher impact/risk prospects Selective acquisitions within our core areas Active portfolio management 15

Tullow in Gabon Production Now over 19,000 bopd Drilling Niungo – up to 8 further infill wells Tchatamba – further sidetrack Etame – further development wells Up to 3 operated exploration wells Developments Avouma development planned Tchatamba sour oil study ….leverage UK SNS experience and operating capability…. 18

Tullow in Congo M’Boundi Development Production now >35,000 bopd Up to 22 further development wells Pilot water and gas injection projects Facilities expansion to 60,000 bopd Field Areas and Reserves Area 1 Drilled and mapped on 3D seismic 20 mmbo 2P reserves Additional 9 mmbo 3P reserves Area 2 Undrilled, new 3D seismic acquired Potential to add further 27 mmbo 19

Tullow in Côte d’Ivoire Production East Espoir increase to >25,000 bopd Drilling 4 East Espoir infill wells underway West Espoir drilling starts Q4 05 West Espoir Development Production 10,500bopd First oil Q2 06 Total Capex of $190m Modifications to FPSO underway Wellhead tower installation Q4 05 Acajou Development Review development options CHANGE PHOTO 20

Tullow in Equatorial Guinea Production Ceiba production 40,000 bopd Drilling Up to 8 infill wells on Ceiba Okume Development Production 60,000bopd First oil end 06 Total capex of $1.1 bn 2 deepwater TLP’s, design underway Shallow water Central Processing Facility with 3 satellite platforms 2006 installation and drilling CHANGE PHOTO Design of the Okume Development 21

Tullow in Namibia (Kudu Project) Phase 1: Gas to power 800 MW power plant with c. 110 mmscfd gas supply Net Reserves – 780bcf First Gas - 2009 Complete FEED studies, offshore pipeline and well surveys Finalise GSA/PPA discussions Finalise partnering and funding Phase 2 Upside net reserves of 4tcf Complete planning for 2006 appraisal drilling Development concepts under review LNG, GTP Phase 2, GTL CHANGE PHOTO 22

Exploration Review

18 years of experience in the region Africa Exploration 2004 Review Energy Africa / Tullow integration 24 licences in 11 countries Strong combined synergies Strategic focus on West Africa 2005 Outlook Gabon 5 major licences 3 back-ins 4 wells to be drilled Ivorian-Ghanaian Basin Begin work on CI-107/108 Target new venture Mauritania Further Block 2 well in 06 2 prospects in Block 1, 150 mmbbl+ each Block 1 – 1 well in 05 Uganda 2x 500mmbl Albertine Basin prospects 18 years of experience in the region 27

Africa: Exploration Drilling Programme 41

Our unique characteristics Entrepreneurial spirit Creative and flexible approach to acquisitions and development African heritage and continued intense African focus First E&P project in Senegal (15 yrs), today in 12 African countries Strong relationships Work hard at being good employer, partner and operator Development focus Swift response to any development opportunities as they arise Diverse and quality portfolio Mix of oil and gas in mature and developing markets Active asset management Continually review portfolio in relation to our long term objectives Material influence Target material equity participation and aligned JV partnerships Financial capacity Conservative accounting, strong cash flow and healthy balance sheet 30

Who owns Tullow Oil?

Market Capitalisation ≈ US$ 2 bn Shareholder Analysis African 18% African 18% Market Capitalisation ≈ US$ 2 bn 31