26 June 2019

Uganda: Tullow Oil Releases Statement On Uganda

Kampala, Uganda — Tullow Oil PLC has released a statement in advance of the Group's Half Year Results, indicating it is struggling to reach a farm-down agreement.

"Tullow and its Joint Venture Partners, have, so far, been unable to finalise this agreement with the Government of Uganda. We continue to work constructively with our Joint Venture Partners and the Government of Uganda to agree a way forward and the consequent timing of FID. Nevertheless, although negotiations continue, Tullow is currently considering all options in pursuing the sale of its interests in Uganda," said a statetment released on Wednesday.

This follows meetings in January 2019 between the CEOs of both Tullow and Total and H.E. President Museveni of Uganda, where principles for the tax treatment of the farm-down to CNOOC and Total were agreed, the Joint Venture Partners have worked to finalise an agreement based on these principles.

"The Joint Venture Partners continue to work towards reaching FID for the development project in the second half of 2019 with the project's technical aspects now completed," the statement added.

The Tilenga Project ESIA has been approved by the National Environment Management Agency and the Kingfisher ESIA public hearing is ongoing. Geotechnical and geophysical surveys for the East Africa pipeline (EACOP) have been completed for the entire route across both Uganda and Tanzania.

There are ongoing EACOP discussions between the Joint Venture Partners and the Governments of Uganda and Tanzania regarding key commercial agreements which are required prior to FID.

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