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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tullow Oil Plc | LSE:TLW | London | Ordinary Share | GB0001500809 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.62 | 1.72% | 36.70 | 36.74 | 36.98 | 37.16 | 36.40 | 36.48 | 1,437,872 | 11:14:11 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 1.63B | -109.6M | -0.0754 | -4.92 | 539.48M |
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RNS Number : 1950O
Tullow Oil PLC
28 May 2020
News Release
CNOOC elects not to pre-empt sale of assets in Uganda
28 May 2020 - Tullow Oil plc (Tullow) announces that CNOOC Uganda Limited (CNOOC) has informed both Tullow and Total that it will not pre-empt the sale of Tullow's assets in Uganda to Total.
On 23 April 2020, Tullow announced that it had agreed the sale of its assets in Uganda to Total and that CNOOC had rights of pre-emption to acquire 50% of these assets on the same terms and conditions as Total. CNOOC has now informed Tullow and Total that it has elected not to exercise its pre-emption rights. Accordingly, there are no changes to the previously announced transaction or timeline and Tullow continues to expect the transaction to complete in the second half of 2020.
The transaction remains subject to a number of conditions, including approval by Tullow's shareholders, customary government and other approvals and the execution of a binding tax agreement with the Government of Uganda and the Uganda Revenue Authority that reflects the agreed tax principles previously announced. Tullow will now look to progress the tax agreement following CNOOC's decision not to pre-empt.
FOR FURTHER INFORMATION CONTACT:
Tullow Oil plc Murray Consultants (London) (Dublin) (+44 20 3249 9000) (+353 1 498 0300) IR: Chris Perry & Pat Walsh Matthew Evans Joe Heron Media: George Cazenove
Notes to Editors
Tullow Oil plc
Tullow is an independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in over 70 exploration and production licences across 15 countries in Africa and South America.
Follow Tullow on:
Twitter: www.twitter.com/TullowOilplc YouTube: www.youtube.com/TullowOilplc Facebook: www.facebook.com/TullowOilplc LinkedIn: www.linkedin.com/company/Tullow-Oil
Website: www.Tullowoil.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
May 28, 2020 02:06 ET (06:06 GMT)
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