REG - Tullow Oil PLC Tullow Oil PLC - FP Tullow Oil PLC - NP - Contingent Consideration Received Following FID

Tullow OilAnnouncement

16/02/2022 11:30

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RNS Number : 8850B  Tullow Oil PLC  16 February 2022

TULLOW OIL PLC
contingent consideration RECEIVED following final investment decision in uganda

16 February 2022 - Tullow Oil ("Tullow") is pleased to announce that the Final
Investment Decision for the Tilenga Project in Uganda and the East African
Crude Oil Pipeline (EACOP) as reported by Total Energies Ltd ("Total") on 1
February 2022 has triggered a contingent consideration of $75 million in
relation to Tullow's sale of its assets in Uganda to Total in 2020. Tullow
will continue to have exposure to the Tilenga Project through additional cash
consideration which may be received in the form of contingent payments
depending on the average annual Brent price once production commences. Today's
payment underpins Tullow's free cash flow in 2022, supported by a strong start
to the year with a realised average oil price (post hedging) of c.$86 per
barrel in January.

 

 CONTACTS
 Tullow Oil plc                                Murrays

 (London)                                      (Dublin)

 (+44 20 3249 9000)                            (+353 1 498 0300)

 George Cazenove (Media)                       Pat Walsh

 Nicola Rogers and Matthew Evans (Investors)   Joe Heron

Notes to editors

Tullow is an independent oil & gas, exploration and production group,
quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The
Group has interests in over 30 exploration and production licences across
eight countries. In March 2021, Tullow committed to becoming Net Zero on its
Scope 1 and 2 emissions by 2030.

For further information, please refer to our website at www.tullowoil.com.

Follow Tullow on:

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Facebook: www.facebook.com/TullowOilplc (http://www.facebook.com/TullowOilplc)

LinkedIn: www.linkedin.com/company/Tullow-Oil
(http://www.linkedin.com/company/Tullow-Oil)

 

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