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Tullow Oil plc – 2006 Interims ResultsBuilding a Balanced Portfolio of International Exploration and Production Assets

DisclaimerThis presentation contains certain forward-looking statements that aresubject to the usual risk factors and uncertainties associated with the oil andgas exploration and production business.Whilst Tullow believes the expectations reflected herein to be reasonable inlight of the information available to them at this time, the actual outcomemay be materially different owing to factors beyond the Group’s control orwithin the Group’s control where, for example, the Group decides on a changeof plan or strategy.The Group undertakes no obligation to revise any such forward-lookingstatements to reflect any changes in the Group’s expectations or any changein circumstances, events or the Group’s plans and strategy. Accordingly noreliance may be placed on the figures contained in such forward lookingstatements.Interim Results 20062

Presentation ContentsSectionIntroductionFinancialsProduction and DevelopmentExplorationSummaryAppendix 1 – Tullow OverviewAppendix 2 – NW EuropeAppendix 3 – AfricaPage46162742444954Appendix 4 - South Asia 65 XInterim Results 20063

2006 Interim ResultsIntroductionInterim Results 20064

Tullow – Focused growth from strong portfolio□ Record results, strong portfolio and a balanced business□ Core areas that we understand□ Long term plans and a long term view□ Strong Track Record of performance‣ Financial – maximising value‣ Operations – discipline and focus‣ Exploration – core plays and key skills□ Business Development – generating new opportunitiesInterim Results 20065

2006 Interim ResultsFinancialsInterim Results 20066

2006 Interim Results30 June 20061H20061H2005 1ChangeSales Revenue£310.7 m£201.4 mUp 54%Operating profit before exploration activities£178.5 m£108.4 mUp 65%Net Profit£95.4 m£63.1 mUp 51%Basic earnings per share14.72 p9.82 pUp 50%Dividend per share2.00 p 1.00 p Up 100%Cash generated from operations 2 £236.4m £116.4 m Up 103%Net debt 3 £81.1 m £207.5 m (£126.4m)1Includes disposal profits of £34.1m (net of overlift)2Before working capital movements3Including all cash balancesRecord revenue, operating profit, cash flow and net profitInterim Results 20067

1H2006 Revenue up 54% to £311 million□ Increased revenue from both price and volume rises− Schooner and Ketch full six months contribution£m350Revenue£311m□ Balanced revenue mix between oil and gas30045.5%0.3%− 1H2006 Oil 46% Gas 54%− 1H2005 Oil 67% Gas 33%250Revenue£201m□ Working interest production up 10% to 62,800 boepd,sales up 2% to 55,400 boepd20057.9%0.3%□ Significant price increases15054.3%− Average UK gas prices up 85% to 53.3p/therm− Realised oil price up 30% to $54.4/bbl− Average discount to Brent ~ 5%□ UK tariff income of £8.3m (1H2005: £6.2m)1005041.8%01H 05 1H 06NW Europe Africa South AsiaInterim Results 20068

1H2006 Gross Profit up 146% to £187 million□ Underlying Cash Operating costs of £4.85/bbl,working interest basis (1H2005 - £4.38/bbl)− Gabon royalty £0.78/bbl□ Reported Operating Costs affected by overliftedvolumes and stock movement - £4.5m (£0.40/bbl)□ DD&A charge of £5.66/barrel (1H2005 - £5.82/bbl),benefiting from reserves upgrades£m350300250200Revenue£201m19,525Revenue£311m55,12664,2544,500□ Exploration write-off £17.6m (1H2005 £4.0m)45,468186,840− Gabon, Pakistan, Angola and New Ventures15060,432Outlook100□ 2006 operating costs to remain steady at 1H levels,some benefits in 20075076,009□ 2006 Group DDA approximately £5.50/bbl01H 05 1H 06Gross Profit* DD&A Cash Operating ProfitOverlift*Gross Profit before admin costs, exploration and disposalsInterim Results 20069

Taxation: effective tax rate of 33%□ 1H2006 effective tax rate of 33% pre exploration write-off and overlift□ Corporation Tax exposures in UK, Gabon and Equatorial Guinea□ Effective tax rate for period as follows£mProfit Before Tax- Impact of Overlift on Operating Costs- Exploration Write-OffTaxable BaseTax Charge/(effective rate)153.14.517.6175.257.7 1 (33%)1UK CT £41.5m, UK PRT £13.3m, Overseas CT £3.3m□ UK Supplemental tax rate increased to 20% with effect from 1 January 2006− Impact of £12.1m in period□ Improvement in fiscal regime in overseas jurisdiction− Amendment to corporation and capital allowances tax rates− Effective in respect of 2005 (reversal of £5m)Interim Results 200610

IAS39 – Financial Derivatives□ Total Mark to Market at 30 June of £140.8m, c. 80% associated with EA Hedges□ IAS39 Financial Derivative Income Statement impact for period as follows:£mChange in time valueReversal of cumulative ineffectivenessInterims results charge (pre-tax)8.0-6.31.7□ Total ineffectiveness at 30 June £2.4m (31 December 2005 £9.5m)− Cumulative hedge ineffectiveness decreased materially during the period− Improved correlation of underlying production and realisations to the hedge instrumentsInterim Results 200611

Commodity price hedge programmeOIL2H200620072008Volume hedged (bopd)11,7179,5007,500Current price hedge ($/bbl)46.3755.1049.93GASVolume hedged (mmcfd)69.5831.2520.60Current hedged p/therm43.9956.6349.45□ EA hedges – 4,000 bopd until end 2009 at $29.30□ Oil hedging – Oil curve exceptionally strong and liquid− Zero cost collars still very attractive (e.g. 2007 – Floor $65/bbl, Cap $90/bbl)□ Gas hedging− Strong forward curve− Continue to capitalise on strong 2007 to 2008Interim Results 200612

Robust cash flow and financial capacity1H2006 performance metrics£m300□□1H2006 operating cash flow* up 51% to £236 m(36.5p/share)Net debt at 30 June 2006 £81.1m (1H2005:£207.5m)250257,64872748,9493,281□Gearing at 30 June 2006 of 17% (13% pre-hedging)□ Over $450m of unused capacity at 30 June 200620051,338Outlook150152,385□Ongoing investment programme continue to be fundedfrom cash flows and currently available facilities100□Completion of developments will further enhancefinancial capacity500Cash InflowCash OutflowOperating cashflow Proceeds on disposals Foreign exchange loss*Before working capitalCapex Payment of bank loans Interest, tax & dividendsInterim Results 200613

Capital Expenditure: well funded programme□ 2006 Capex of £330m largely driven by development programmes in UK, Gabon,Equatorial Guinea□ Programmes in place to achieve 75,000 boepd by end 2006□ Cost Inflation and rig/equipment supply had limited impact on 2005/6 Developmentprogrammes but is impacting 2006/7 Exploration activities – both cost and timing350Expenditure£330m3002006 Forecast Capex by Core Area£330 million250200Expenditure£193m6%48%NW Europe150AfricaSouth Asia1005046%02005 2006DevelopmentExplorationInterim Results 200614

Financial Outlook□ Allocating capital to invest in high value assets□ Exploration and Development programmes producing positive results□ Reinvestment opportunities continue to be generated□ Capturing strong oil and gas prices□ Growing the dividend while growing the businessInterim Results 200615

2006 Interim ResultsProduction and DevelopmentInterim Results 2006 16

Production Summary2006 Production□ First Half Actual62,800 boepd2006 Performance□ Full Year Forecast 65 to 66,000 boepd− UK – planned H&W summer shut-in− Africa – portfolio delivering within target− Asia – Bangora field onstream□ Year-end>75,000 boepdProduction (mboepd)706050403058,450bopd33,60045062,800bopd33,80028,0001,0002007 Outlook□ Average80,000 boepd201024,40002005 1H 06NW Europe Africa South AsiaInterim Results 200617

Reserves SummaryTotal Reserves - 354 Mmboe□ Over 40bcf (6.8 mmboe) commercialreserves added to UK portfolioNW Europe90.6 mmboe□ African producing fields & developmentassets not reviewed at mid-yearSouth Asia18.4 mmboeYear End Outlook□ New Licence activity, post mid year, in WestAfrica is expected to add >20 mmboe ofreserves□ Uganda reserves will be independentlyassessed, operator currently indicates~15mmboe net□ Bangora appraisal ongoing will be assessedat year endAfrica244.7 mmboeTOTAL RESERVES – 354 mmboe(all reserves audited by ERC)Interim Results 200618

UK Gas: Continue to benefit from Infrastructure & ExperienceLicence & Infrastructure Portfolio□ 56 offshore blocks□ Extensive Infrastructure− Bacton gas terminal− 18 offshore platforms− 17 subsea hubs− 660 km pipelines□ Operating Capability− 40% of infrastructure operated− 70% of production operatedCosts continue to be managed□ Opex being controlled - 9p/thermproduction (mmscfd)18016014012010080604020605040302010Gas Price and Operating Cost (p/therm)Gas prices continue to be strong□ Tullow’s early positioning has enabledthe Group to take advantage of thecurrent gas market02002 2003 2004 2005 1H 06Production Actual (mmscfd) Opex Realised Gas Price0UKInterim Results 200619

UK Gas: Continue to Maintain Strong Opportunity SetProduction and Development□ 12 producing fields− Schooner & Ketch redevelopment800700764 BCF221− Infill drilling600□ 3 near term developments− CMS Area - Kelvin, K4− Thames Area - Thurne□ Discoveries under review− CMS Area - Humphrey, Opal, Topaz,Arrol, CygnusReserves (BCF)50040030033036177− Thames Area – Wissey, Bure, Blythe, Fizzy200Exploration□ Strong prospect inventory100− 250 bcf risked0− Application for further 6 licences2P Commercial2P Commercial2P Contingent3PDevelopedUndevelopedUKInterim Results 200620

Africa: Strong Activity throughout P&D portfolio□ Gabon− Continue to maintain stable production− Ongoing activity in Niungo and Etame Area□ Congo (Brazzaville)− M’Boundi infield drilling continues− Water injection start-up 4Q 06□ Equatorial Guinea− Ceiba infill drilling confirmed for 2007− Okume on track for Dec 06 start-up□ Côte d’Ivoire− East Espoir infill drilling continues to deliver− West Espoir first oil□ Namibia− Commercial discussions ongoing− Appraisal drilling on scheduleAfricaInterim Results 200621

Africa: Continue to Build Upon Significant UpsideProduction and Development□ Nine producing fields500474 mmboe− M’Boundi recovery factor upside209− Gabon infill & appraisal drilling400− Ceiba continued infill programme□ Three near term developments− West Espoir additional drilling− Okume multi year drilling programme− Avouma & EbouriReserves (mmboe)30020013420□ Potential Developments− Kudu gas to power− Gabon Azobe discoveries− New Angola and Ghana licences− Espoir near field potential10074370Exploration□ Strong exploration licence and prospectinventory2PCommercialDeveloped2PCommercialUndeveloped2PContingentNewLicences3PAfricaInterim Results 200622

South Asia: Production growth being deliveredBangladesh□ Block 9 Appraisal programme− 3D seismic interpretation ongoing− Bangora first gas May 06− Bangora 2 & 3 successful□ Full Field Development− Reserve potential being assessed− Conceptual studies ongoingPakistan□ Chachar Development− Drilling phase complete− Facilities construction underway− First Gas Q1 2007South AsiaInterim Results 200623

Developments and OpportunitiesUKUKDevelopmentsSanctionDecisionFirstProductionNo ofWellsStatusThames/Hewett AreaThurne 1Q 08 1 Long lead committed, design ongoingWissey 2006 2008 1 Pending sanctionBure 2006 2008 1 Pending sanctionConceptual developments under review include:- Blythe, FizzyCMS AreaKelvin (K3) 2006 4Q 07 1 Long lead committed, design ongoingK4 - -2 Pending sanctionConceptual developments under review include:- Murdoch SE, Humphrey, Opal, Arrol, Topaz, CygnusAsiaAsiaDevelopmentsSanctionDecisionFirstProductionNo ofWellsStatusPakistan Chachar 1Q 07 3 Drilling complete, facilities constr. underwaySuri Compression 2Q07 - Detailed design underwayBangladesh Bangora LTT May-06 1 to 2 Bangora -1 prod., Bangora-2 tie in 4Q 06Bangora Phase 2 2007 2008/09 - Appr. drilling & dev. planning underwayInterim Results 200624

Developments and OpportunitiesAfrica AfricaDevelopmentsSanctionDecisionFirstProductionNo ofWellsStatusAngola Pit-Ban Discoveries 2007/08 2009 -Appraisal wells late 2007/early 2008Congo M'Boundi Water Inj. 4Q 06 -Design complete, drilling 60% complete, install. underwayCôte d'IvoireEast Espoir Infill Jun-05 4 CompletedWest Espoir Jul-06 8 to 11 Facilities installation is complete, drilling underway.Conceptual developments under review include:- Acajou, Espoir level 0EquatorialGuineaCeiba North Area Sep-06 6 Subsea upgrades complete - 3 of 6 wells completedCeiba 07/08 Infill Proj. mid 07 6 to 7 Planning underway, rig contractedOkume Dec-06 >45 Install. to be completed Oct 06, drilling initiated Aug 06.Okume Abang satellite pending completion of the main Okume developmentGabonAvouma 4Q 06 2 Facilities installation ongoing, drilling Oct 06Ebouri 2008 1 Development is awaiting government approval.Niungo Infill 2007 8+ First well spudded in Sept 06Azobe (Assala) 2007 2009 1 to 2 Appraisal well 2007Echira appraisal under review for 2007 drilling.GhanaTano Shallow discoveries under review with appraisal expected 2007/08Kudu Gas to Power 2007/08 2010/11 4 Tech. studies complete, commercial disc. ongoingNamibiaKudu Phase 2 2008/09 2012 4 to 6 Concept studies underway, appr. drilling 2007Interim Results 200625

Continue to grow Production and Development portfolio□□□□Excellent delivery founded on robust portfolioSignificant inventory of development opportunitiesStrong team and effective organisationIntegrated P&D, New Ventures and Exploration growth strategyInterim Results 200626

2006 Interim ResultsExplorationInterim Results 200627

Exploration direction – Core StrengthsBuilding on successes established in Core Regions by leveraging□ Core Capabilities− Profitably leverage local knowledge & develop globally□ Core Plays− Excel in salt basins, stratigraphic traps, rift basins & fold beltsSalt BasinsStrat TrapsRift BasinsFold BeltsSouthern North SeaOrange BasinAlbertine BasinKohat PotwarLower Congo BasinSouthern North SeaCambay BasinIndus BasinAtlantic NW AfricaGulf of GuineaSouthern North SeaAssam ArakanInterim Results 200628

Core Plays: Current ExplorationCOREPLAYSFold BeltsRift BasinsSalt BasinsStrat TrapsSouth Viking GrabenCentral North SeaPotwar BasinSouthern North SeaIndus BasinCambay BasinSenegal – Mauritania BasinGulf of KutchCôte d’Ivoire – Tano BasinAssam ArakanRio del Rey BasinBengal BasinRio Muni BasinEast African RiftLower Congo BasinKwanza BasinOrange BasinMorondava BasinInterim Results 200629

2006 Activity OverviewNW Europe□ 3 gas wells drilled, all discoveries (Humphrey, Cygnus, K4)□ 2 oil wells planned (Acer, Peveril)□ 6 blocks applied for in 24 th Licensing RoundAfrica□ 7 Blocks gained− Ghana (3), Angola (1), Congo (DRC) (2), Madagascar (1)□ Uganda frontier success− Mputa-1 & 2 and Waraga-1 Discoveries & Production Tests□ Dry holes in Gabon and Equatorial GuineaSouth Asia□ India CB-ON/1 2D seismic reveals several leads for drilling 2Q 2007□ Pakistan Kohat seismic defines material prospect to drill 2H 2007Interim Results 200630

Leading position with 50% of the Albertine Rift BasinBasin-wide Knowledge Partner in all licences Staffed up to leverage new dataBasin-wide Influence Long-term relationships in Africa Facilitating operationsBasin-wide Strategy Leverage knowledge & influence Quickly discover basin potential Appraise in parallel Scaled development optionsInterim Results 200631

Albertine Rift Basin – Physical settingAlbert NileVictoria NileLake AlbertInterim Results 200632

Albertine Rift Basin – Basin-wide full-cycle campaignKaiso-Tonya AreaAppraisal of discoveries Mputa & Waraga well testing Kaiso-Tonya 3D seismic planning Mputa appraisal wells 2007Further exploration drilling Nzizi (Nov-Dec 2006) Ngambwa (using 3D seismic)Development concepts Studies launched Regional & basin-wide / modularInterim Results 200633

Albertine Rift Basin – Basin-wide full-cycle campaignButiaba-Paara AreaExploration surveys Gravity & magnetic surveys 06 2D seismic planningExploration wells Preparing drill-worthy prospects Rig options studyInterim Results 200634

Albertine Rift Basin – Basin-wide full-cycle campaignLake AlbertExploration surveys 2D seismic planning inCongo (DRC) Blocks I & II Metocean & EIA studiesExploration drilling Bugoma (Kingfisher & Pelican) Lake operations (Ngassa plans)Interim Results 200635

Albertine Rift Basin ScheduleCountryDevelopmentQ3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008UgandaBlock 1PaaraExplorationPaara 2D (Acquire-Process-Interpret)Paara Prospects DrillingUgandaBlock 2ButiabaExplorationRig options study - tender - rig upButiaba 2D (Acquire-Process-Interpret)Butiaba Prospects DrillingUgandaBlock 2Kaiso-TonyaExplorationAnd Appr.Nzizi-1Nzizi-2Test M-1 M-3 + M-4Kaiso-Tonya 3D (Acquire-Process-Interpret)Kaiso-Tonya Prospects DrillingUgandaLake AlbertBlock 2Congo (DRC)1&2 Ituri N & SMetocean & EIANgassa 2D evaluation Optional Ngassa 3D Lake Prospects DrillingDRC-1&2 2D (Acquire-Process-Interpret)Block 3BugomaKingfisher-1 Pelican-1 Kingfisher-2 & Pelican-2Kingfisher 3D (Acquire-Process-Interpret)UgandaBlock 2EarlyProductionConcept StudiesOptional Front End Engineering - Design - ConstructionSeismic Drilling Study Contingent TestingInterim Results 200636

Ghana: Upside potential and proven oil3 licences gained offshore Ghana□ Deepwater Tano - 49.95% (op)□ West Cape Three Points - 22.9%□ Shallow Water Tano - 85.5% (op)Deep Water□ Significant exploration upside potential□ Diverse prospect configurationsShallow Water Tano□ Three undeveloped oil and gas fields□ Evaluating potential to commercialiseInterim Results 200637

Kudu Stratigraphic TrapsGas field extension/exploration upsideProprietary geological insights Fully integrated geosciences data 2 gas plays provenProspect testing: 2 wells (Q1-Q2 2007) Kudu East: potential multi-tcf playInterim Results 200638

Cambay Rift Basin – Identifying targets in prospective trend Seismic programme increased to 1,500 km 1,287 km acquired and processing ongoing Expected completion in September Initial prospect evaluation by November 2006 First Well to Spud June 2007Interim Results 200639

2006: Active Exploration ProgrammeCOUNTRY LICENCE PROSPECT INTERESTDATE/STATUSUgandaBlock 2Mputa50%Oil DiscoveryGabonAkoumAkoum West100%Dry HoleU.K.44/16-3Humphrey35%Gas DiscoveryU.K.44/12-2Cygnus35%Gas DiscoveryUgandaBlock 2Waraga50%Oil DiscoveryPakistanNawabshahShahpur Chakar30%Dry HoleGabonAkoumSoulandaka25%Dry HoleGabonGryphonDogbolter23.5%Dry HoleEq. GuineaU.K.Block L44/23bBanyanK-410%22.5%Dry HoleGas DiscoveryUgandaBlock 2Mputa-250%Oil DiscoveryUgandaBlock 3AKingfisher50%DrillingU.K.16/13cAcer6.25%October 2006Côte d’IvoireCI-26Level Zero21.33%October 2006U.K.UgandaGabonNamibiaQuad 39Block 2NziembouKuduPeverilNzizi2 Oil Prospects2 Kudu East wells30%50%40%90%November 2006November 2006Q1 2007Q1 2007IndiaCB-ON/1Campaign50%Q2 2007UgandaCameroonBlock 2NgossoCampaignOil Prospect50%40%Q2 2007Q2 2007UKSNSCampaign23-100%Q2 2007Interim Results 200640

Exploration conclusions□ Excellent delivery founded on robust portfolio□ Balanced inventory of Exploration opportunities□ Experienced team and extensive knowledge base□ Focused Exploration strategy based on core playsInterim Results 200641

2006 Interim ResultsConclusionsInterim Results 2006 42

Conclusions□ A strong outlook for 2006□ Solid business foundations for long term growth□ Financial strength enables flexibility□ Current environment provides significant opportunitiesOverall….Executing our strategy and delivering growthInterim Results 200643

2006 Interim ResultsAppendix 1 – Tullow OverviewInterim Results 2006 44

EHS & CSR: Continual improvementEnvironment, Health & Safety ISO14001 certification rolloutongoing Continue to improve safetyperformance New London Crisis ManagementFacility32.522005 and 2006 LTI PerformanceLTILTIFR 12 mnth avgCorporate Social Responsibility First CSR Report published Aligned approach to CSRcommitments1.510.50Jan'05Mar May Jul Sep Nov Jan'06MarMayLTI = Lost Time Incident / LTIFR = Lost Time Incident Frequency RateInterim Results 200645

The Tullow footprintNW Europe – 50% Production□ Gas focus□ Mature Basin Operator□ Extending core plays in wider North SeaAfrica – 50% Production□ Pan-African Focus□ Developing regional positions□ Consistent organic growthAsia□ Rapidly growing Energy demand□ Still under explored□ Knowledge and acreage positionto fuel growthInterim Results 200646

Tullow Growth StrategyPRODUCTIONandDEVELOPMENT• Improving asset performance and extending field lives• Independent technical view on non-operated assetsEXPLORATION• A balance of near-infrastructure and high impact exploration• Building on knowledge - expansion based on core plays and skillsACQUISITIONS• Rigorous opportunity identification, execution and integration• Ongoing programme of bolt-on acquisitionsPORTFOLIOMANAGEMENT• Focus on assets where we have influence• Maximise value of each regionInterim Results 200647

Evolution of the Tullow Business700600500400350300Group TurnoverCompany-transforming acquisitions□ Southern North Sea Assets – 2001□ Energy Africa – May 2004□ Schooner and Ketch – March 2005Organic growth£million250200150100□ UK – Schooner and Ketch, Thurne andKelvin developments□ West Africa – West Espoir, M’Boundi &Okume developments□ Asia – Chachar and Bangoradevelopments5002000 2001 2002 2003 2004 2005* Brokers Forecast2006*Interim Results 200648

2006 Interim ResultsAppendix 2 – NW EuropeInterim Results 2006 49

SNS Business BackgroundContinued growth of non-majors□ Mature basin - assets not material for the Majors and not attracting investment□ Various asset sales packages (including cash in of some venture capital)□ Success of the 24th Licensing Rounds□ Stewardship drive continues to maximise recovery□ Access to rigs, services etc remains challengingSOUTHERN NORTH SEAGas Supply□ Security of supply highlighted□ New import projects factored into forward curve□ UK fiscal terms SCT increased to 20%Interim Results 200650

Thames/Hewett Area: continue to consolidate positionThames Area□ Tullow acting as subsurface and development operator□ Thames contract negotiated to allow blowdown□ H&W virtual storage to access value of winter prices□ Thurne development progressing well□ Further developments under review□ Additional tariff income - Arthur phase 2Hewett Fields□ Equity further increased to 51.69%□ Delilah sidetrack on stream Mar 06□ 30% reduction in operating cost since 2004300Thames Facilities Throughput□Demanning project under way- Phase 1 complete* Forecast peak throughput250Bacton TerminalThroughput (mmscfd)200150100□□□Further major cost reduction project initiatedContinue to deliver excellent uptime to third partiesStrong Safety Performance5002000 2001 2002 2003 2004 2005 2006*Interim Results 200651

CMS Area: a region of significant further prospectivityExploration□ Major exploration success with K4 well□ Cygnus appraisal well under review□ At least two further exploration wells in 2007Developments□ Kelvin (K3) project close to sanction□ Potential developments of Rita, Opal & Topaz allunder discussion with partners□ Cavendish 3 rd party field to be tied in early 2007Producing Fields□ Production growth of 3% over last year□ Further infill wells on Boulton and Murdoch beingconsideredOutlook□ Continue applying our subsurface Carboniferousexpertise to exploit prospectivity of the area□ Maximise utilisation and value of infrastructureInterim Results 200652

Schooner & Ketch: significant production growth in 2006Team□ Experienced subsurface, drilling andoperations team in placeProduction & uptime□ Production potential maintained c.65 mmscfd□ Facility uptime now steady around 98%Redevelopment□ Ensco 101 contracted through 2007□ SA-10 on stream, KA-7 being completed□ Simultaneous well intervention workprogramme in progress using coiled tubing□ Further four wells plannedExploration/Appraisal□ Schooner NW - drilling in reservoir. Ifsuccessful, tie-in by late 2007□ 6 blocks applied for in 24 th RoundInterim Results 200653

2006 Interim ResultsAppendix 3 - AfricaInterim Results 200654

Africa: developing a truly pan-African businessA continent with many opportunities□ Mature basins where majors are exiting□ Significant areas currently unlicensed□ A number of largely-unexplored frontier basinsStrong Knowledge Base□ Over 20 years of experience in Africa□ Detailed understanding of African petroleum basins□ Good access to a range of opportunitiesExtensive Portfolio□ Interests in 13 countries, 38 licences and 9 producing fields□ Current production of over 34,000 boepd□ Interests in large development projects□ Continually evaluating new venture opportunitiesInterim Results 200655

Gabon: targeting growth in production and operating capabilityNiungo Area□ Rig arrived Sept 06□ Up to 8 development/appraisal wells□ Two exploration wells plannedEtame Area□ Avouma first oil Q4 2006□ Ebouri project pending Government approvalTchatamba Field□ Production sustained at higher thananticipated levels□ Well optimisation programme under wayAzobe□ Secured operatorship, increased equity (60%)□ Assala appraisal/development under reviewInterim Results 200656

Congo: focus moving from delineation to recovery factorM’Boundi Field STOIIP & Reserves□ Field delineation complete□ Current range 1.0 to 1.3 billion bbl□ Recovery factor 21%2006 Activity□ Over 60,000 bopd in 1Q 06 (average55,000 bopd in 2006)□ Water injection drilling complete facilitiesstartup 4Q 06 (3 injection wells, capacity30,000bpd)□ Upgrades to facilities ongoing□ 60 wells drilled and continuous drillingplannedOil Export□ Oil now sold as N’Kossa Blend□ Significant reduction in discount to BrentInterim Results 200657

Equatorial Guinea: production growth through 2006 and 2007Ceiba Field□ Rig secured to continue infill drillingthroughout 2007□ Field production being maintainedaround 40,000bopdOkume Development□ Remains within budget□ All six platforms installed□ Topsides installation and tie-in phasein Oct 06□ Two rigs now active with >40 wellsplanned□ First oil on schedule for December□ Significant operating cost synergieswith Ceiba FieldInterim Results 200658

Côte d’Ivoire: production growth and unit cost reductionEast Espoir□ Infill drilling programme completed□ Well performance continues to be strong□ Assessing reservoir performanceWest Espoir□ Facilities installed within budget□ First Oil on schedule – July 2006□ Up to 11 wells plannedCI-107 and CI-108□ 2D seismic survey complete□ 3D seismic scheduled for Q3 2006□ Exploration likely in 2008Interim Results 200659

Kudu: an important year for commercial progressKudu Opportunity□ Tullow operated asset□ 90% working interest□ Reserves potential up to 9tcfPhase 1□ Gas to power (800MW)□ FEED study completed□ GSA and PPA negotiations under way□ First gas ~2010Phase 2□ Two well appraisal programme□ Rig secured 1Q 2007□ Ongoing concept studies (Gas to Power,Modular LNG, gas export)Interim Results 200660

Mauritania/Senegal: encouraging results from gas discoveryMauritania Block 1 (20%)□ Faucon gas discovery in November 2005proves up a regional working hydrocarbonsystemMauritania Block 2 (20%)□ New well results being integrated intogeological model□ Exploration well in 2007Senegal (60%)□ St Louis – several leads identified□ Mauritania Block 1 discovery reduces risk forthe regionInterim Results 200661

Angola: continuing to build our positionBlock 1/06□ Awarded in August 2006□ Tullow operated− 3,800 square kilometres□ Three undeveloped discoveries− Pitangueira− Bananeira− Sapesapeiro□ Evaluate commerciality with 2 wells in late2007□ Work programme includes 600 squarekilometres of 3D seismic□ A third exploration well planned to investigateprospective intervalsBlocks 10/05 and 24/99□ 15% interest in Blocks 10 and 24 c□ Covered by good quality 3D seismic□ Largely unexplored regionInterim Results 200662

Madagascar: a proven prospective region for oilOverview□ Block 3109 – Tullow 50%□ 11,050 sq km block in the Karoo Rift□ Potential high impact (100 mmbbl+) oil prospectsWork Programme□ Tullow operated□ Initial work programme - 30 months□ Gravity survey, aeromagnetic and seismiccomplete□ Potential drilling in 2009Interim Results 200663

Cameroon: current 3D seismic, potential drilling in 2007Overview□ 40% interest in the offshore Ngosso Block□ Three existing oil discoveries plus gaspotentialWork Programme□ 2006 3D seismic programme focused ondevelopment opportunities□ Drilling planned for Q2 2007Interim Results 200664

2006 Interim ResultsAppendix 4 – South AsiaInterim Results 2006 65

South Asia: reinvesting for growthA growth region for Tullow□ Region of growing energy demand□ Major high-impact exploration potential□ Relatively low-cost exploration/operations□ Limited competition for assetsDevelopments to fund exploration□ 15 Exploration and development licences□ Development projects in Pakistan and Bangladesh□ Exciting exploration acreage in Pakistan, India andBangladeshFuture growth□ Focused on organic growth□ Extensive technical and geological knowledge of SouthAsia□ Continue to assemble an attractive high-impact portfolioInterim Results 200666

Pakistan: significant high impact exploration potentialProduction & Development□ Sara-Suri gas field− Compression project sanctioned□ Chachar gas field− Drilling completed− Facilities construction under way− First gas – Q1 2007Exploration□ Nawabshah dry hole□ Kohat Block− Seismic in progress− Well planned 3Q 07Interim Results 200667

Bangladesh: considerable potential upside in BangoraBangora-1 Production□ First gas April 2006□ Gas sales of 35 to 50mmscfdBangora/Lalmai Appraisal□ Appraisal programme approved□ 620 sq km 3D seismic acquired□ Up to 4 appraisal wells planned□ GIIP potential of up to 1 tcfBlock 17/18□ Total farmout completed□ 2D seismic under way□ Extensive 3D seismic planned late 2006Interim Results 200668

Tullow Oil plc3 rd floorBuilding 11Chiswick Park566 Chiswick High RoadLondonW4 5YSEmail: ir@tullowoil.comwww.tullowoil.comA leading independent oil and gas exploration and production groupInterim Results 200669