2 Days to go.....13 Jul 2020 09:27
Tullow Shareholders Set to Approve Sale of Assets to Total 10 July 2020 Oil in Uganda (Kampala) By Edward Ssekika Tullow Oil Plc shareholders are set to approve the company's sale of all its assets in the Lake Albert Development project to Total E&P Uganda BV. In a statement, Tullow Oil Plc said it has called a general meeting to allow shareholders approve the sale and consequently the company's exit from Uganda's oil and gas sector. According to the statement, the meeting is scheduled for July 15, 2020 in Landon, United Kingdom. "The transaction is of critical importance to Tullow and the Tullow board unanimously recommends that all shareholders vote or procure votes in favour of the resolution being proposed at the general meeting," the circular calling for a general meeting reads in part. Under the British law, Tullow's proposed sale of assets to Total constitutes a class 1 transaction conditional on, among other things approval by the company shareholders by a simple majority of the votes cast. Tullow Uganda Operations Pty Ltd - a subsidiary of Tullow Oil plc owns 33.3 percent interests in oil blocks 1, 1A, 2 and 3A and the proposed East African Crude Oil Pipeline Project (EACOP). Other partners in the Lake Albert Development Project are; Total E&P Uganda BV and CNOOC Uganda Ltd each with 33.3 percent. Tullow is currently the operator of Block 2; Total Uganda is currently operator of Blocks 1 and 1A; and CNOOC Uganda Limited (CNOOC) is operator of Block 3A. Should shareholders and Government of Uganda approve the sale, Tullow will consequently exit Uganda's oil and gas sector. The company has been one of the major players in Uganda's oil and industry since 2004.
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