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This agreement satisfies the GoU’s taxation concerns and enables Tullow, CNOOC and Total to proceed with the basin-wide development with the full support and commitment of the GoU.

The MoU provides a process which the GoU and Tullow expect will result in the following:

  • resolution of the impasse created by the Heritage and Tullow tax situations;
  • the development of the Kingfisher field;
  • the grant of extension in respect of Exploration Area 1 and parts of 3A, in recognition of the fact that time has been lost; and
  • GoU consent being granted for Tullow’s purchase of Heritage’s interests in the Lake Albert Basin and the subsequent farmdowns to CNOOC and Total.

The MoU is conditional upon the signing of Sale and Purchase Agreements (SPAs) between Tullow, CNOOC and Total within 10 working days of signature of the MoU. Tullow expects that the SPAs will be signed within the specified period.

GoU and Tullow expect to make further details of the MoU and SPAs available after the SPAs have been signed.

Tullow considers the signing of the MoU to be a huge achievement and looks forward to working closely with the GoU over the coming years, in conjunction with CNOOC and Total, in developing the Ugandan oil and gas sector.

Contacts

Tullow Investor Relations Camarco (Media)

ir@tullowoil.com
Matthew Evans

(+44 20 3757 4980)
Billy Clegg
Georgia Edmonds
Rebecca Waterworth

Notes to editors

Tullow is an independent energy company that is building a better future through responsible oil and gas development in Africa. Tullow's operations are focused on its core producing assets in Ghana. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW). For further information, please refer to: www.tullowoil.com.

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