Barclays Regulatory News (BARC)

FORM 8.5 (EPT/NON-RI) Amendment to Purchase and Sale

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS

(OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Name of exempt principal trader:

BARCLAYS CAPITAL SECURITIES LTD

(b)

Name of offeror/offeree in relation to whose

TULLOW OIL PLC

relevant securities this form relates:

(c)

Name of the party to the offer with which exempt

Tullow Oil plc

principal trader is connected

(d)

Date position held/dealing undertaken:

21 July 2022

(e)

In addition to the company in 1(b) above, is the exempt principal

YES:

trader making disclosures in respect of any other party to the offer?

CAPRICORN ENERGY PLC

2.

POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(a)

Interests and short positions in the relevant securities of the offeror or offeree

to which the disclosure relates following the dealing (if any)

Class of relevant security:

10p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

1,497,965

0.10%

11,821,601

0.82%

(2)

Cash-settled derivatives:

10,423,038

0.72%

993,231

0.07%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

11,921,003

0.83%

12,814,832

0.89%

(b)

Rights to subscribe for new securities (including directors and other executive

options)

Class of relevant security in relation to

which subscription right exists

Details, including nature of the rights

concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a)

Purchases and sales

Class of relevant

Purchase/sale

Total number of

Highest price per unit

Lowest price per unit

security

securities

paid/received

paid/received

10p ordinary

Purchase

827,890

0.4470 GBP

0.433 GBP

10p ordinary

Sale

723,486

0.4485 GBP

0.4342 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

10p ordinary

 SWAP

Decreasing Long

734

0.4470 GBP

10p ordinary

 SWAP

Decreasing Long

789

0.4344 GBP

10p ordinary

 SWAP

Decreasing Long

2,470

0.4330 GBP

10p ordinary

 SWAP

Decreasing Long

31,021

0.4401 GBP

10p ordinary

 SWAP

Decreasing Long

31,729

0.4378 GBP

10p ordinary

 SWAP

Decreasing Short

1,903

0.4420 GBP

10p ordinary

 SWAP

Decreasing Short

3,591

0.4352 GBP

10p ordinary

 SWAP

Decreasing Short

5,293

0.4427 GBP

10p ordinary

 SWAP

Decreasing Short

9,766

0.4405 GBP

10p ordinary

 CFD

Increasing Long

341

0.4419 GBP

10p ordinary

 CFD

Increasing Long

731

0.4416 GBP

10p ordinary

 CFD

Increasing Long

9,792

0.4387 GBP

10p ordinary

 CFD

Increasing Long

10,591

0.4404 GBP

10p ordinary

 CFD

Increasing Long

19,974

0.4450 GBP

10p ordinary

 CFD

Increasing Long

50,395

0.4401 GBP

10p ordinary

 SWAP

Opening Long

5,715

0.4334 GBP

10p ordinary

 SWAP

Opening Long

11,496

0.4342 GBP

10p ordinary

 SWAP

Opening Long

21,512

0.4440 GBP

10p ordinary

 SWAP

Opening Long

37,698

0.4408 GBP

10p ordinary

 SWAP

Opening Long

79,116

0.4419 GBP

10p ordinary

 SWAP

Opening Long

80,772

0.4385 GBP

10p ordinary

 SWAP

Opening Long

194,696

0.4386 GBP

10p ordinary

 SWAP

Opening Short

37

0.4422 GBP

10p ordinary

 SWAP

Opening Short

56

0.4324 GBP

10p ordinary

 SWAP

Opening Short

64

0.4384 GBP

10p ordinary

 SWAP

Opening Short

81

0.4382 GBP

10p ordinary

 SWAP

Opening Short

166

0.4415 GBP

10p ordinary

 SWAP

Opening Short

1,903

0.4420 GBP

10p ordinary

 SWAP

Opening Short

4,618

0.4425 GBP

10p ordinary

 SWAP

Opening Short

7,560

0.4420 GBP

10p ordinary

 SWAP

Opening Short

7,568

0.4431 GBP

10p ordinary

 SWAP

Opening Short

11,496

0.4342 GBP

10p ordinary

 SWAP

Opening Short

12,810

0.4417 GBP

10p ordinary

 SWAP

Opening Short

15,411

0.4404 GBP

10p ordinary

 SWAP

Opening Short

17,927

0.4412 GBP

10p ordinary

 SWAP

Opening Short

18,983

0.4402 GBP

10p ordinary

 SWAP

Opening Short

31,021

0.4401 GBP

10p ordinary

 SWAP

Opening Short

34,835

0.4388 GBP

10p ordinary

 SWAP

Opening Short

47,540

0.4381 GBP

10p ordinary

 SWAP

Opening Short

100,977

0.4355 GBP

10p ordinary

 SWAP

Opening Short

176,305

0.4392 GBP

10p ordinary

 SWAP

Opening Short

198,309

0.4391 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings arrangements

Details of any indemnity or option arrangement, or any agreement or understanding,

formal or informal, relating to relevant securities which may be an inducement to deal

or refrain from dealing entered into by the exempt principal trader making the disclosure and any party

to the offer or any person acting in concert with a party to the offer:

NONE

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between

the exempt principal trader making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights of future acquisition or disposal of any relevant securities to which

any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

25 Jul 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213