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Tullow Oil plc (Tullow) is pleased to announce that it has signed two new Production Sharing Agreements (PSAs) with the Government of Uganda. The new PSAs cover the EA-1 and Kanywataba licences in the Lake Albert Rift Basin. Tullow has also been awarded the Kingfisher production licence.
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.
Aidan Heavey, Chief Executive Officer of Tullow, commented today:
"Today's signing is a vital step towards the development of the Lake Albert Rift Basin and the oil and gas industry in Uganda and East Africa. I look forward to working in partnership with the Government of Uganda and CNOOC and Total as we progress this world-class asset."
© 2014 Tullow Oil plc