1. 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

2. 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

3. 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

4. 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

5. SOME NUMBERS

6. 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

7. 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

8. OPERATIONS REVIEW

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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

15. 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
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

16. Exploration Review

17. 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

18. Africa: Exploration Drilling Programme41

19. 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

20. Who owns Tullow Oil?

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