Namibia D South AfricaCongo (Brazzaville) DP Ghana EDP Côte d'IvoireEDPMauritania EDP Tanzania E Ethiopia E Kenya E Madagascar E Pakistan EP Bangladesh EDPUganda ED Gabon EDP Cape TownAccraSenegal EGuyana ESuriname EUnited Kingdom EDPNetherlands EDPIrelandSierra Leone E Liberia E EquatorialGuinea DP DublinLondonFrench Guiana EKampala1432109875611E ExplorationD DevelopmentP Production Key officesE&A Exploration & Appraisal2011 drilling activity Offshore Onshore FOCUSED PORTFOLIO OF WORLD-CLASS ASSETSTullow has more than 100 licences in 22 countries, organised into three Regional Businesses. The Group has key producing assets in six countries in Africa, including the world-class Jubilee field in Ghana, where Tullow is operator. Other producing assets are in the UK, the Netherlands and Bangladesh. There are major development projects under way in Ghana and Uganda and high-impact exploration prospects in Africa and the Atlantic Margins.6Tullow Oil plc 2011 Annual Report and AccountsWhere we operate

8 French Guiana72 metres net payIn September 2011, the Zaedyus-1 exploration well made a significant oil discovery offshore French Guiana, encountering 72 metres of net oil pay in two turbidite fans. This is the first well in Tullow's extensive Guyanas acreage and successfully opened a new basin. Shell took over operatorship of the block on 1 February 2012.9 Netherlands?300 million acquisition In May 2011, Tullow significantly enhanced its Dutch portfolio though the acquisition of Nuon Exploration & Production from the Vattenfall Group for a cash consideration of ?300 million ($432 million). This is a non-operated portfolio of gas producing fields, a range of exploration opportunities and an equity interest in infrastructure. 10 United Kingdom12,500 boepd productionNet production from the UK assets in 2011 was in line with expectations averaging 12,500 boepd (2010: 13,300 boepd). These mature fields performed well, with high production efficiency despite their natural decline. 11 Bangladesh100 mmscfd gross productionGross production from the Bangora field in 2011 was just over 100 mmscfd and 325 bpd of condensate. In March 2012, Tullow commenced a process to divest its Asian assets.WEST & NORTH AFRICASOUTH & EAST AFRICA5 Uganda$2.9 billion farm-downOn 3 February 2012, Tullow signed two Production Sharing Agreements (PSAs) relating to the Lake Albert Rift Basin with the Government of Uganda. This enabled Tullow and its new partners to complete the farm-down on 21 February 2012, and operatorship responsibilities within the basin will be divided between the Partners. Total will operate Exploration Area-1 (EA-1) and Tullow will operate Exploration Area-2 (EA-2). In the former Exploration Area-3A, CNOOC will operate the new Kanywataba licence and the Kingfisher production licence. 6 Kenya and EthiopiaExploration drilling commencesA Full Tensor Gradiometry (FTG) Gravity Survey, acquired across most of the Kenya-Ethiopia licence blocks, covering an area of around 100,000 sq km, has been completed and processed. The data quality is excellent and there are strong similarities with the successful FTG survey acquired in Uganda in 2009. The Ngamia well in Block 10BB in Kenya, which has an anticipated depth of 2,700 metres, spudded on 25 January 2012.7 NamibiaKudu gas fieldA new Kudu Petroleum Agreement was signed in October 2011 and a 25 year Production Licence was issued by the Minister of Mines & Energy in November. The Upstream Joint Operating Agreement, Project Development Agreement and Gas Sales Agreement Heads of Terms are being progressed and when concluded will allow the development to proceed to sanction. An investment decision is targeted for late 2012.1 Ghana66,000 bopd producedIn 2011, gross production from the Jubilee field averaged 66,000 bopd (2010: 3,200 bopd), However, production from the field was below expectations due to reduced productivity in a number of wells related to problems with the original well completion design. The issue is not expected to impact the level of field reserves or resources and a remedial work programme is under way to regain well productivity lost to date. 2 MauritaniaNew C-10 exploration licenceTullow became the Operator of a new deepwater licence, offshore Mauritania, where the Group sees potential to extend the successful Jubilee play along the coastline from Ghana. 3 Liberia & Sierra LeoneThree-well exploration campaignIn November 2011, the Montserrado exploration well offshore Liberia was drilled and made a non-commercial oil discovery. Following the well in Liberia, the rig moved to Sierra Leone to drill the Jupiter-1 exploration well which finished in February 2012. The well encountered 30 metres of net pay in multiple zones, The Mercury-2 well is currently drilling.4 Côte d'lvoireTwo exploration wellsFollowing the lifting of Force Majeure for both deepwater exploration blocks, the plan to drill one well in each block was reactivated. The Eirik Raude rig was released from Ghana and commenced drilling the Kosrou prospect (CI-105) in February 2012. This will be followed by the drilling of the high-impact Paon prospect (CI-103). 2011Total2011TotalCountries (with EDP)9Countries (with ED)6Licences42Licences18Employees374Employees297Acreage (sq km)66,425Acreage (sq km)151,677E&A wells22E&A wells9Successful E&A wells16Successful E&A wells8Development wells59Development wells0Production (boepd)57,400Production (boepd)02011TotalCountries (with EDP)7Licences47Employees154Acreage (sq km)57,793E&A wells4Successful E&A wells2Development wells1Production (boepd)20,8007www.tullowoil.comBUSINESS REVIEW1EUROPE, SOUTH AMERICA & ASIA