OPERATIONS REVIEW2WORKING WITH INTEGRITY & RESPECTWork with integrity and with respect for people, and for the environments in which we operate. Tullow takes a long-term view in conducting its business, which ensures we put fostering relationships and protecting the environment ahead of short-term gains.48 2011 operations overviewOverall, the Group continues to deliver a strong operational performance. Material production growth was achieved in 2011 and excellent E&A results were also delivered. Two acquisitions were completed during the year and since year-end the farm-down in Uganda has concluded. 50 Exploration & Appraisal and Development & Operations overviewOur bold exploration strategy differentiates Tullow within the industry and Tullow's exceptional exploration success has provided an exciting and growing portfolio of development and production assets in both Africa and South America.52 West & North AfricaTullow's African production comes from Ghana, Equatorial Guinea, Gabon, Côte d'Ivoire, Congo (Brazzaville) and Mauritania. Whilst the main development and operating focus is on the Jubilee and TEN projects, offshore Ghana, Tullow has significant ongoing development activities and high-impact exploration acreage across this region. 55 South & East AfricaFollowing success in Uganda, Tullow recently embarked upon the next stage of its exploration strategy in the region by securing significant acreage in Kenya and Ethiopia in 2011, with drilling, having commenced in Kenya in January 2012.57 Europe, South America & AsiaTullow has gas production assets, ongoing developments and exploration acreage in the UK and the Netherlands which provide valuable cash flow to the Group. In South America, Tullow has significant exploration acreage in French Guiana, Guyana and Suriname. The Group also produces from the Bangora field in Bangladesh and has an exploration portfolio in Pakistan. In March 2012 Tullow commenced the process of divesting its Asian assets.

2011 OPERATIONS OVERVIEWOverall, the Group continues to deliver a strong operational performance.West & North AfricaCountryProducing field (Tullow %)2011 working interest production (boepd)Congo (Brazzaville)M'Boundi (11%)3,000Côte d'IvoireEspoir (21.33%)3,750Equatorial GuineaCeiba (14.25%)2,850Okume (14.25%)10,200GabonTchatamba (25%)3,100Niungo (40%)3,000Etame Complex (7.50%) 1,620Others (3.75% - 52.78%) 5,030GhanaJubilee (35.48%)23,500MauritaniaChinguetti (22.25%)1,400Total57,400Europe, South Amercia & Asia CountryProducing field (Tullow %)2011 working interest production (boepd)Netherlands26 fields (4.69% - 22.5%)3,000UKCMS Area (6.91% - 100%)11,500Thames Area (50% - 100%)1,000BangladeshBangora (30%)5,150PakistanShekhan-1 (40%)150Total20,800GROUP HIGHLIGHTSGroup reserves and resources1,743 MMBOEGroup working interest production78,200 BOEPDGroup revenue$2,304 MILLIONKEY PRODUCING ASSETS Oil Gas Tariff Income West & North Africa South & East Africa Europe, South America & Asia84%15%1%16%84%73%27%27%73%48Tullow Oil plc 2011 Annual Report and AccountsOperations review79%21%7%38%55%