LONDON--Tullow Oil PLC (TLW.LN) said Monday it has entered into a farm-down agreement with Total E&P Uganda B.V. regarding its assets in Uganda worth a total of $900 million in cash.
As part of the agreement, Tullow Oil will transfer 21.57% of its 33.33% stake in Exploration areas 1, 1A, 2 and 3A in Uganda to Total.
Shares at 1540 GMT up 15.30 pence, or 4.7%, at 340 pence valuing the company at GBP3.11 billion.
-Write to Olga Cotaga at firstname.lastname@example.org, Twitter @OlgaCotaga
(END) Dow Jones Newswires
January 09, 2017 10:57 ET (15:57 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.