LA DEFENSE (dpa-AFX) - Tullow Oil plc (TLW.L) has agreed to transfer its entire interests in Blocks 1, 1A, 2 and 3A in Uganda and the proposed East African Crude Oil Pipeline System to Total Uganda for cash consideration of $575 million plus potential contingent payments after first oil.
Tullow Oil said the transaction will strengthen it balance sheet as part of financial strategy to move to a more conservative capital structure. The Group said the deal will remove all future capital expenditure associated with the Lake Albert Development Project.
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