Tullow Oil Signs $900 Million Farm-Down Agreement with Total in Uganda
January 09 2017 - 11:12AM
Dow Jones News
LONDON--Tullow Oil PLC (TLW.LN) said Monday it has entered into
a farm-down agreement with Total E&P Uganda B.V. regarding its
assets in Uganda worth a total of $900 million in cash.
As part of the agreement, Tullow Oil will transfer 21.57% of its
33.33% stake in Exploration areas 1, 1A, 2 and 3A in Uganda to
Total.
Shares at 1540 GMT up 15.30 pence, or 4.7%, at 340 pence valuing
the company at GBP3.11 billion.
-Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter
@OlgaCotaga
(END) Dow Jones Newswires
January 09, 2017 10:57 ET (15:57 GMT)
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