Total Agrees Acquisition of Tullow Oil's Uganda Lake Albert Project
April 23 2020 - 2:52AM
Dow Jones News
By Jessica Sier
Total SE said Thursday that it has agreed to acquire Tullow Oil
PLC's entire Uganda Lake Albert interests, including the East
African Crude Oil Pipeline.
The French energy company will pay Tullow $575 million, with an
initial payment of $500 million when the deal closes, the company
said in a statement.
Total will also pay Tullow conditional sums linked to
production, and when the Brent crude price lifts above $62 a
barrel.
The deal is subject to shareholder approval. Total's Chinese
partner CNOOC also has a right to exercise 50% of the transaction
before other parties, the company said.
The acquisition in the Lake Albert development project works out
at less than $2 a barrel, Total added.
Write to Jessica Sier at jessica.sier@wsj.com
(END) Dow Jones Newswires
April 23, 2020 02:37 ET (06:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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