Tullow Completes Sale of Uganda Assets to Total
Tullow Completes

Tullow Completes Sale of Uganda Assets to Total

Tullow Oil plc announced that the sale of its assets in Uganda to Total has completed with USD 500 million consideration received. Tullow is also due to

receive a further USD 75 million when a Final Investment Decision is taken on the development project plus contingent payments linked to the oil price payable after production commences. The closing of this transaction follows the satisfaction of all deal conditions, announced on 21 October 2020, which included the execution of the binding Tax Agreement, the approval for the transfer of Tullow’s interests to Total and the transfer of operatorship for Block 2.

Although Tullow will retain a financial link to the development project through the potential contingent payments, the closing of this transaction marks Tullow’s exit from its licences in Uganda after 16 years of operations in the Lake Albert basin.

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