Tullow secures cash relief with $575m Uganda stake sale

FINANCIAL TIMES 🔒| Tullow Oil is to sell its remaining stake in a Ugandan project to France’s Total for a deeply discounted $575m, just six months after a $900m deal for the group’s share of the development fell apart. The Africa-focused company, which was already battling for its future before this week’s dramatic oil price falls, said on Thursday the deal for the Lake Albert project would deliver $500m of cash when it completes. A further $75m will be paid when the partners in the scheme take a final investment decision.


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