Tullow looks to build on 2004 performance, AGM told

2004 was a record year for production and profit at Tullow Oil and 2005 indicators are encouraging, the company's Annual General Meeting today has heard.

Company chairman Pat Plunkett said 2004 brought record levels of production, turnover, profits and cash flow.

"The acquisition and rapid integration of Energy Africa and the acquisition of Schooner and Ketch have transformed the Group. Tullow is now strategically well positioned with a balanced portfolio of oil and gas assets in both mature and developing regions and a strong platform for future growth and development," he said.

In the first half of 2005 the Group has also made substantial progress in the refinancing of existing debt facilities.

"2004 was a transforming year for Tullow and the Group’s strong performance in the first half of 2005 is encouraging," said Mr Plunkett.

"The growing momentum in our activities and the positive pricing environment gives us confidence that 2005 will be another excellent year for the Group."

Tullow is involved in oil and gas exploration and production. Tullow is quoted on the London and Irish Stock Exchanges.

The Group has interests in over 90 production and exploration licences in 16 countries.