Tullow Oil completes Uganda farm-out

Tullow Oil has completed the farm-down of 66.6666% of its Ugandan licences to CNOOC and Total for a consideration of $2.9 billion. Total will operate Exploration Area-1 and Tullow will operate Exploration Area-2. In the former Exploration Area-3A, CNOOC will operate the new Kanywataba licence and the Kingfisher production licence. The partners are now re-commencing drilling activities in the area to undertake a wide-ranging exploration and appraisal programme in 2012.