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Tullow's General Meeting Seeking Approval for Sale in Uganda Assets

Source: www.gulfoilandgas.com 7/15/2020, Location: Africa

Tullow Oil plc announces that at its General Meeting held earlier, the resolution set out in the Notice of General Meeting put to the General Meeting seeking approval for the proposed sale of its entire interests in Blocks 1, 1A, 2 and 3A in Uganda and the proposed East African Crude Oil Pipeline System to Total (the "Transaction"), as described in the circular to shareholders dated 18 June 2020 (the "Circular") was passed by the requisite majority. The resolution put to the General Meeting was voted on by way of a poll and the results are set out below.

The Transaction also remains subject to a number of other conditions, including customary government approvals and the execution of a binding tax agreement with the Government of Uganda and the Uganda Revenue Authority that reflects the agreed tax principles previously announced. Subject to the satisfaction of the conditions, the Transaction is expected to complete in the second half of 2020.

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