Bloomberg News

Tullow’s $2.9 Billion Ugandan Sale Hits New Delay, Monitor Says

January 23, 2012

Jan. 23 (Bloomberg) -- Tullow Oil Plc declined to sign an agreement to sell some of its oil prospects in Uganda until a “stabilization clause” is agreed, the Daily Monitor reported, citing President Yoweri Museveni.

Tullow wants the clause included in the agreement, which the parties plan to sign by the end of the month, to protect it against “any changes in policy,” the Kampala-based newspaper said.

London-based Tullow said on March 30 last year that it would sell stakes in three oil blocks to Total SA and Cnooc Ltd. for $2.9 billion.

-0- Jan/23/2012 06:59 GMT

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net


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