RE: Tullow Conference Call: Aug-24-2011 BMO research comments on Tullow:================================================================================Exploring Kenya and Ethiopia – In our view, the most exciting near-term opportunity for investors is Tullow’s exposure in Kenya and Ethiopia. The play types are very similar to the company’s Ugandan discovery but are compounded with potential basin extensions from Sudan. With multiple geological depositional environments, it could take years to test the play types that have been identified to date. Based on known evaluations of the blocks, the companyhas more than 2.5 billion barrels of net recoverable potential in the basin. Due to the early stage of the basin, the chance of geological success ranges from 5% to 15%, but the size of the prize could be significant to Tullow.