Tullow Oil to merge with Capricorn Energy

The boards of directors of Tullow Oil PLC (“Tullow”) and Capricorn Energy PLC (“Capricorn”) are pleased to announce that they have reached agreement on the terms of a recommended all-share combination of Tullow and Capricorn (the “Combination”) to create the Combined Group.

It is intended that the Combination will be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act, where Tullow will acquire all of the issued and to be issued Capricorn Shares.

Under the terms of the Combination, each Capricorn Shareholder will be entitled to receive:

                      for each Capricorn Share:        3.8068 New Tullow Shares

On completion of the Combination, Capricorn Shareholders will hold approximately 47 per cent. of the Combined Group and Tullow Shareholders will hold approximately 53 per cent. of the Combined Group (based on the fully diluted share capital of Capricorn and the fully diluted share capital of Tullow, in each case as at the date of this Announcement).

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