TOT - Tullow wins Uganda's OK for $575M asset sale to Total

Tullow Oil (TUWOY) +24% in London on news that Uganda's government approved the $575M sale of the company's assets in the country to Total (TOT).Tullow had said last month that if the sale failed to be completed, it would need to progress alternative refinancing solutions in order to avoid a financial restructuring.The company has been waiting since 2017 to close its divestment in the Lake Albert Development Project but has been repeatedly thwarted by tax disagreements.Tullow will receive $500M on completion and another $75M once a final investment decision is taken on the project; it also would receive contingent payments linked to the oil price once production starts.A plan to sell a stake in the project to Total and Cnooc collapsed last year due to a holdup around tax negotiations.

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Tullow wins Uganda's OK for $575M asset sale to Total