CNOOC Uganda Ltd. (CNOOC) will exercise its pre-emption rights under the joint operating agreements it has with Tullow and Total to acquire 50% of the interests being transferred to Total concerning acreage in Uganda, according to a news release.
Tullow on March 17 said it was notified by CNOOC. Tullow announced on Jan. 9 that it had agreed to farm down 21.57% of its 33.33% interests in exploration areas 1, 1A, 2 and 3A in Uganda to Total E&P Uganda B.V. (Total) for $900 million.
Tullow said it will now work with Total and CNOOC to finish sale documentation, but noted the farm farm-down is subject to certain conditions, including the approval by the Ugandan government. Once the farm-down has completed, Tullow will give up operatorship in Uganda but will remain in the country to manage its non-operated position, the release said.
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