Tullow Oil PLC Completion of $575 million Uganda sale to Total (8382E)
10 Noviembre 2020 - 4:30AM
UK Regulatory
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RNS Number : 8382E
Tullow Oil PLC
10 November 2020
News Release
Tullow completes $575 million sale of Uganda assets to Total
10 November 2020 - Tullow Oil plc (Tullow) is pleased to
announce that the sale of its assets in Uganda to Total has
completed with $500 million consideration received earlier today.
Tullow is also due to receive a further $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.
Tullow now has net debt of $2.4 billion and available liquidity
of $1 billion. Rahul Dhir, CEO, and Les Wood, CFO, will lay out
their plans for the Group in the coming years at a Capital Markets
Day on 25 November 2020.
Rahul Dhir, Chief Executive Officer of Tullow Oil Plc, commented
today:
"The closing of our transaction with Total clearly evokes mixed
emotions within Tullow. While we are sad to be exiting Uganda after
many years, the $575 million of proceeds form an important part of
our plan to strengthen Tullow's balance sheet and improve our
financial position. We will watch the progress of Uganda's oil
& gas industry with much interest and all of us at Tullow wish
the people and Government of Uganda and our former Joint Venture
Partners every good fortune as they take this important project
forward."
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 entered Uganda in 2004 through the acquisition of Energy
Africa and in 2006, the Group made major discoveries at the
Mputa-1, Waraga-1 and Kingsfisher-1 wells. This was followed by the
acquisition of more licences through the purchase of Hardman
Resources in 2007 and further discoveries in the Butiaba area in
2008 and at Jobi-Rii, the largest discovery in Uganda, in 2009. In
2012, Tullow sold 66.6% of its interests in Uganda to Total and
CNOOC for $2.9 billion.
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
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END
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