April 23, 2020 / 6:10 AM / 3 months ago

Tullow sells stake in Uganda project to Total for $575 mln

LONDON, April 23 (Reuters) - Total has agreed to buy Tullow Oil’s entire stake in their joint onshore oil fields in Uganda for $575 million, Tullow said on Thursday.

Tullow, which sits on about $2.8 billion in debt, will receive $500 million in cash and $75 million once a final investment decision is reached on the project, it said. (Reporting by Shadia Nasralla; Editing by Susan Fenton)

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