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RNS Number : 1950O

Tullow Oil PLC

28 May 2020

News Release

CNOOC elects not to pre-empt sale of assets in Uganda

28 May 2020 - Tullow Oil plc (Tullow) announces that CNOOC Uganda Limited (CNOOC) has informed both Tullow and Total that it will not pre-empt the sale of Tullow's assets in Uganda to Total.

On 23 April 2020, Tullow announced that it had agreed the sale of its assets in Uganda to Total and that CNOOC had rights of pre-emption to acquire 50% of these assets on the same terms and conditions as Total. CNOOC has now informed Tullow and Total that it has elected not to exercise its pre-emption rights. Accordingly, there are no changes to the previously announced transaction or timeline and Tullow continues to expect the transaction to complete in the second half of 2020.

The transaction remains subject to a number of conditions, including approval by Tullow's shareholders, customary government and other approvals and the execution of a binding tax agreement with the Government of Uganda and the Uganda Revenue Authority that reflects the agreed tax principles previously announced. Tullow will now look to progress the tax agreement following CNOOC's decision not to pre-empt.

FOR FURTHER INFORMATION CONTACT:

 
 Tullow Oil plc            Murray Consultants 
  (London)                  (Dublin) 
  (+44 20 3249 9000)        (+353 1 498 0300) 
  IR: Chris Perry &         Pat Walsh 
  Matthew Evans             Joe Heron 
  Media: George Cazenove

Notes to Editors

Tullow Oil plc

Tullow is an independent oil & 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 in Africa and South America.

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

Website: www.Tullowoil.com

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END

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May 28, 2020 02:06 ET (06:06 GMT)

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