TIDMTLW TIDMTTM TIDMTTM

RNS Number : 7822C

Tullow Oil PLC

21 October 2020

THIS RELEASE CONTAINS INSIDE INFORMATION

News Release

Government approvals received for $575 million sale of Uganda assets to Total

21 October 2020 - Tullow Oil plc (Tullow) is pleased to announce that the Government of Uganda and the Ugandan Revenue Authority have executed a binding Tax Agreement that reflects the pre-agreed principles on the tax treatment of the sale of Tullow's Ugandan assets to Total. The Ugandan Minister of Energy and Mineral Development has also approved the transfer of Tullow's interests to Total and the transfer of operatorship for Block 2.

With all the Government-related conditions to closing having been satisfied, Tullow expects the transaction to close in the coming days after completing certain customary pre-closing steps with Total. Tullow will provide a further update once the transaction has closed and funds have been received. On closing, Tullow will receive $500 million consideration and a further $75 million when a Final Investment Decision is taken on the development project. In addition, Tullow is entitled to receive contingent payments linked to the oil price payable after production commences.

CONTACTS

 
 Tullow Oil plc                            Murrays 
  (London)                                  (Dublin) 
  (+44 20 3249 9000)                        (+353 1 498 0300) 
  Chris Perry, Matthew Evans (Investors)    Pat Walsh 
  George Cazenove (Media)                   Joe Heron 
========================================  ===================

Notes to editors

Tullow is an independent oil and gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in over 70 exploration and production licences across 15 countries.

For further information, please refer to our website at www.tullowoil.com.

Follow Tullow on:

Twitter: www.twitter.com/TullowOilplc

YouTube: www.youtube.com/TullowOilplc

Facebook: www.facebook.com/TullowOilplc

LinkedIn: www.linkedin.com/company/Tullow-Oil

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is being released on behalf of Tullow by Adam Holland, Company Secretary.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DISFEESAFESSEIS

(END) Dow Jones Newswires

October 21, 2020 05:00 ET (09:00 GMT)

Tullow Oil (LSE:TLW)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Tullow Oil Charts.
Tullow Oil (LSE:TLW)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Tullow Oil Charts.