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Total to buy out Tullow’s Uganda stake
Tullow Oil and Total have signed a sale and purchase agreement for Tullow to transfer its interests in blocks 1, 1A, 2 and 3A and the proposed East African Crude Oil Pipeline for $575m in cash plus potential contingent payments after first oil. While the sale price is substantially lower than the previous $900m deal that collapsed in August 2019, it provides Tullow with badly needed upfront cash as the company struggles with a $2.8bn debt overhang.
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