Tullow Oil to farm-down Ugandan assets

Ashurst is advising Tullow Oil on a substantial farm-down of its assets in Uganda to Total E&P Uganda. Under the terms of the agreement, Total will acquire 21.57% in the Lake Albert development project in Uganda, with Tullow retaining a 11.76% interest in the upstream project and pipeline, which would reduce to 10% when the government of Uganda formally exercises its right to back-in. The Lake Albert project is expected to achieve around 230,000 b/d when it reaches plateau.