TULLOW Oil chief executive Aidan Heavey warned yesterday that oil prices of $75 per barrel will become a fact of life.

TULLOW OIL had an “excellent” year, with record levels of production, revenue, profits and cashflow, the company’s chairman told shareholders at yesterday’s annual general meeting.

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.

IRISH oil and gas exploration company Tullow saw pre-tax profits shoot up by 143% last year.

Tullow Oil has today revealed operating profit before exploration activities up 88% to £83.2m (€121.1m).

Oil and gas exploration company Tullow Oil has approved a total exploration budget of some £40m (€58m) for 2005, the company said in a trading update today.

MERGERS and acquisition deals involving Irish companies soared in 2004 to €10.4 billion, up 33%.

TULLOW Oil has announced its second major takeover this year.

Tullow Oil announced today that it has entered into agreements with Shell UK Limited and Esso Exploration and Production UK Limited to purchase their entire producing interests in the Schooner and Ketch gas fields and surrounding acreage.

TULLOW OIL made pre-tax profits of €33.1m (£22.6m) in the first half of this year, up more than 50% on the same period last year.

Operating profit at Tullow Oil jumped by 51% to £26.5m (€38.8m) in the six months to June 30, up from £17.6m (€25.8m) in the first half of 2003, the company said today.

Tullow Oil has announced its subsidiary, Energy Africa Gabon SA (EAGSA), has entered into a participation agreement with Forest Oil Gryphon Marin BV whereby EAGSA will earn a 15% working interest in the Gryphon Marin permit in the southern Gabon offshore.

Tullow Oil told shareholders at its annual general meeting yesterday that the company continued to develop its business in its core areas of Britain, West Africa and South Asia.

The ISEQ began the week on a negative note as shares slipped back 23.79 to 5,421,88.

Tullow Oil has announced that its subsidiary company, Energy Africa has reached an agreement to develop the Kudu gas field in Namibia.

Exploration company Tullow Oil said its Energy Africa subsidiary has signed a deal with the Ugandan government to extend its activities in the country.

Tullow Oil subsidiary Energy Africa has signed a production-sharing contract with the Ugandan government in respect of Block 1.

TULLOW OIL had good news for shareholders yesterday when it announced the discovery of gas at a well in Bangladesh.

The ISEQ finished up 7.61 points today to 5227.86.

Shareholders have approved Tullow Oil's offer for Energy Africa.

The directors of Energy Africa, which is in the process of being acquired by Tullow Oil, said the bid does not reflect the value of their company.

TULLOW OIL will hope to raise £120 million through a rights issue to help fund the £319m acquisition of Energy Africa.

The Iseq closed down 17.88 points today to end the day at 5,303.97.

Shares in oil and gas exploration group Tullow Oil today climbed more than 11% after it unveiled plans to buy a bigger South African-based counterpart.

Tullow Oil plc has recorded record turnover of £132.4m (€196.8m) for the year ended December 31, 2003.

TULLOW OIL is preparing a $500 million offer for Energy Africa company, a move that will double the size of the Irish firm.

The financials doled back yesterday's gains today after speculation increased that eurozone rate are heading for a cut.

Irish exploration company Tullow Oil have confirmed that it is considering making a $500m (€412.6m) offer for South African oil company Energy Africa.

Stockbroker ABN-Amro has downgraded shares in Tullow Oil from “buy” to “add” on concerns that the independent oil and gas producer intends to bid for the assets of Energy Africa, a South African-listed company.