JPMorgan Announces Tullow Oil ADR Launch

Business Wire, Sept 4, 2001

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 4, 2001

JPMorgan announced today that Tullow Oil plc (TUWLY), the U.K.-registered international oil & gas exploration and production company, has launched a sponsored American Depositary Receipt (ADR) traded on the OTC market.

The company's operations are located in the emerging markets of the Indian Subcontinent and Africa, plus Europe. Tullow Oil plc operates a total of forty-five exploration licenses in the following countries: Pakistan, Bangladesh, India, Cote d'Ivoire, Egypt, Algeria, Romania, and the U.K. The company is headquartered both in London and Dublin.

In July 2000, Tullow announced the (pound)201 million acquisition of a portfolio of producing U.K. Southern North Sea Gas Assets from BP ARCO.

Additional information on the company is available at tullowoil.ie.

Each Tullow Oil ADR (CUSIP 899415 10 3) represents 10 ordinary shares traded on both the London and Irish Stock Exchanges.

J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $713 billion and operations in more than 50 countries. The firm is a leader in investment banking, asset management, private equity, custody and transaction services, retail and middle market financial services, and e-finance. Headquartered in New York, JPMorgan Chase serves more than 30 million consumer customers and the world's most prominent corporate, institutional and government clients. For more information, visit jpmorganchase.com and JPMorgan's adr.com, the central source for information on ADRs and international equities.

Neither this announcement nor the information contained herein constitutes an offer or solicitation by JPMorgan for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. An offering is made by means of a prospectus only. Information herein is believed to be reliable, but JPMorgan does not warrant its completeness or accuracy.