Tullow Oil to proceed with farm-down with CNOOC, Total

Shares in Tullow Oil rose on Friday morning after the firm signed two new production sharing agreements (PSAs) with the government of Uganda, covering the EA-1 and Kanywataba licences in the Lake Albert Rift Basin.

Shares in Tullow Oil rose on Friday morning after the firm signed two new production sharing agreements (PSAs) with the government of Uganda, covering the EA-1 and Kanywataba licences in the Lake Albert Rift Basin.

"As a result of this signing, Tullow will now finalise arrangements with CNOOC and Total for completion of the farm-down and the related transfer of monies as soon as possible," the statement said.

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