Research and Markets: Supply-Demand Balance Favours High Prices in Short-Term for Cobalt

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LONDON, Hardman Resources, the operator
of the Waraga-1 exploration well in Uganda, in which Tullow Oil plc
(LSE Ticker: TLW) is a 50 % partner, today issued the following press release.
Planning of that testing program is underway and equipment is being sourced
and mobilised.

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The factors that could put the brakes on
growth in the cobalt market include a desire on the part of the Chinese
government to control growth to prevent the economy overheating and the
effects that high oil prices could have on world economic growth.
'The Economics of Cobalt' analyses the key trends, issues and developments
in the market. Summary
2.
Wireline logs and shows while drilling have indicated a deeper, separate
zone of interest from approximately 1,780 meters to 1,930 meters, which
contains a number of thinner sands.
In South Asia, Tullow has production and exploration interests in Pakistan
and exploration activities in India and Bangladesh.
For further information please refer to our website at
http: //www.

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The dominance of African copper-cobalt
producers has been replaced by a more even spread of output between leading
producing countries, with Canada, Norway and more recently Australia, together
with exports from Russia, replacing lost production in the Democratic Republic
of Congo.
The medium-term outlook for demand for cobalt now appears to be relatively
optimistic, as superalloy production is benefiting from renewed confidence in
the aerospace industry and the battery sector looks to be returning to the
rates of growth seen in the 1990s.researchandmarkets.

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At midnight on March 12, wireline pressure testing and
sampling program had been completed.
In Africa, Tullow has production and exploration in Gabon, Cote d'Ivoire,
Congo (Brazzaville) and Equatorial Guinea .

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Oil samples have been recovered from a
sand at 1,893 meters."

Notes to Editors

Tullow is a leading independent oil + gas, exploration and production
group, quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a
constituent of the FTSE 250 Index.

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World production of cobalt has increased
steadily in recent years, almost trebling to 42,500 since 1993, an average
annual growth rate of over 11%py.

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International trade in cobalt
6. Waraga-1 testing a structural prospect with identical
geological targets to the oil bearing reservoirs seen at Mputa-1.

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Preliminary indications are that this is a light oil of
approximately 40 degree API gravity.
Tullow's NW Europe interests are primarily focused on gas in the UK
Southern North Sea where it has significant interests in the Caister-Murdoch
System and the Thames/Hewett areas and operates over 60% of its production.

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World consumption of cobalt
7.

Tullow Oil plc - Uganda: Block 2 Waraga-1 Exploration Well

The well will now be cased and suspended ready for future testing.

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researchandmarkets . Cobalt prices

For more information visit
http://www.

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"Since the last report on March 7, the Waraga-1 well was drilled from
1,872 meters to total depth of 2,010 meters into basement and wireline logs
have been run.

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The strongest growth in production of cobalt has come in Finland ,
where output grew at over 16% between 1990 and 2002, largely as a result of
the aggressive expansion of capacity by OM Group. Review of cobalt-producing countries and companies
5.

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Occurrence, geology and reserves of cobalt
3.tullowoil.

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DUBLIN, Ireland, Research and Markets
(http://www . It provides a clear insight into all areas of the industry and
an authoritative analysis of the prospects for the future.
Tullow will provide a further update once logging operations have been
completed. Oil samples have been recovered from the
32 meter gross interval previously reported (at a depth of approximately 1,700
meters). The Group has interests in approximately 90
production and exploration licences in 16 countries and focuses on three core
areas: NW Europe, West Africa and South Asia.

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End-uses for cobalt
8.com/reports/c18108

Laura Wood
Senior Manager
Research and Markets
press@researchandmarkets. Pressure testing and sampling has been conducted, with
interpretation of results expected in the coming days to determine the extent
of this deeper oil bearing interval and whether it represents one or a number
of oil columns.

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CAF, Confederation Africaine de Football, is the governing body for football in Africa.

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newscom.

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Countries covered in the report include:
Albania, Australia, Belgium, Botswana, Brazil, Burkina Faso, Burundi,
Cameroon, Canada, China, Congo, Cuba, France, Guatemala, Indonesia, Ivory
Coast , Japan, Madagascar, Mexico, Morocco, New Caledonia, Norway, Papua New
Guinea, Philippines, Russia , South Africa, Tanzania, Turkey, Uganda, UK, USA,
Zambia, Zimbabwe

Report Contents:

1.com
Fax: +353 1 4100 980

Tullow also has exploration
programs in Morocco , Mauritania, Senegal, Cameroon, Uganda and Angola.

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com/reports/c18108 ) has announced the addition
of The Economics of Cobalt to their offering.com

Contact: Tom Hickey
Aidan Heavey
Chris Perry
Tullow Oil plc
+ 44-20-8996-1000
- or -
Brian J.

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World production of cobalt
4.

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(Logo: http://www. While no oil water contact was observed,
pressure data from the oil interval and deeper water bearing sands suggests a
minimum 45 meter oil column for this reservoir interval.
Waraga -1 is located 19 kilometers to the northeast of the recently drilled
Mputa-1 oil discovery well and 41 kilometers southwest of the Butiaba Waki-1
well (drilled in 1938). Rafferty
Taylor Rafferty
212-889-4350

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com/cgi-bin/prnh/20040820/RESEARCH )
Prices for cobalt recovered strongly in the second half of 2003 and the
first half of 2004 as growing demand for cobalt coincided with some short-term
difficulties on the supply side. The Waraga
prospect was defined by the 2005 onshore seismic survey and the geological
risk was significantly reduced by the success of Mputa-1.

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