Tullow Oil plc has announced 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\u2019s Ugandan assets to Total.<\/p>\n
Tullow further announces that the Ugandan Minister of Energy and Mineral Development has also approved the transfer of Tullow\u2019s interests to Total and the transfer of operatorship for Block 2.<\/p>\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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"