Business
Government approval of Uganda asset sale to Total
Government approval of Uganda asset sale to Total.
About this update from Tullow Oil Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7822C\n Tullow Oil PLC\n 21 October 2020\n \n \n \n \n THIS RELEASE CONTAINS INSIDE INFORMATION\n \n \n News Release\n \n \n Government approvals received for $575 million sale of Uganda assets to Total\n \n \n \n 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.\n 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.\n \n CONTACTS\n \n \n \n \n \n Tullow Oil plc\n \n \n (London)\n \n \n (+44 20 3249 9000)\n \n \n Chris Perry, Matthew Evans (Investors)\n \n \n George Cazenove (Media)\n \n \n \n \n Murrays\n \n \n (Dublin)\n \n \n (+353 1 498 0300)\n \n \n Pat Walsh\n \n \n Joe Heron\n \n \n \n \n Notes to editors\n 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.\n For further information, please refer to our website at www.tullowoil.com.\n Follow Tullow on:\n Twitter: www.twitter.com/TullowOilplc\n YouTube: www.youtube.com/TullowOilplc\n Facebook: www.facebook.com/TullowOilplc\n LinkedIn: www.linkedin.com/company/Tullow-Oil\n \n 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.\n \n \n This information is provided by RNS, the news service of the London Stock Exchange...