Tullow - comment

As previously announced, Tullow have delisted from the Irish Stock Exchange. This is not a major issue, as Tullow retains its listing on the Main Market at the London Stock Exchange.

Away from this minor reduction in central costs, investors will be seeking some information re: the Field Development Plan in Kenya. The license extension in Kenya was extended in December last year to 6th November. We expect it will be extended in due course but await confirmation.

We are reexamining the name, especially given where the seniors and sub-bonds currently yield.