Tullow Oil UK (TUWOY)

[geodan]

LONDON--Tullow Oil PLC(TUWLF) 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(TUWLF) 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 [e-mail], Twitter @OlgaCotaga


That is it, Tullow's debt problems are over. With TEN field cost over, and TEN Field on online producing big oil flows, and now $900 million cash to boot, TULLOW's balance sheet is transformed in a positive way.

Cheers