Total Acquires Tullow Entire Interests in the Uganda Lake Albert Project
TOTAL SA (TOT)
Last total sa earnings: 2/7 04:01 pm
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Source: Business Wire
PARIS--(BUSINESS WIRE)--Regulatory News:Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and Tullow have entered into an Agreement, through which Total shall acquire Tullow’s entire interests in Uganda Lake Albert development project including the East African Crude Oil Pipeline.The overall consideration paid by Total to Tullow will be $575M, with an initial payment of $500M at closing and $75M when the partners take the Final Investment Decision to launch the project. In addition, conditional payments will be made to Tullow linked to production and oil price, which will be triggered when Brent prices are above $62/bbl. The terms of the transaction have been discussed with the relevant Ugandan Government and Tax Authorities and agreement in principle has been reached on the tax treatment of the transaction.Under the terms of the deal, Total will acquire all of Tullow’s existing 33.3334% stake in each of the Lake Albert project licenses EA1, EA1A, EA2 and EA3A and the proposed East African Cr
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