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BG International will take a 50% stake in Transkei & Algoa (Image: Impact Oil & Gas)

According to the statement, “Impact has iden- significant value potential of our exceptional
tified highly material prospectivity [in Natal South African exploration portfolio,” he com-
Trough] associated with several large submarine mented. “Shell joins the Transkei & Algoa
fan bodies, which this joint venture will explore licence at a very exciting time for exploration
with focused 3D seismic data and then potential drilling in South Africa. They bring substantial
exploratory drilling.” exploration expertise, with particular under-
Siraj Ahmed, the company’s CEO, said he standing of the potential of offshore South
anticipated the farm-out agreement would ben- Africa, and an agreed strategy to accelerate the
efit both sides. work programme to build upon the considera-
“We are delighted to have secured a farm- ble work already undertaken by Impact and the
out partner of Shell’s calibre, highlighting the previous JV partnership.” ™

Tullow finalises sale of

Ugandan portfolio to Total

UGANDA TULLOW Oil (UK/Ireland) has confirmed that lie near Lake Albert in western Uganda. Tullow
it finalised the sale of all of its assets in Uganda has been serving as operator of Block 2, while
to Total (France). Total is operating Blocks 1 and 1A and China
In a statement dated November 10, Tullow National Offshore Oil Corp. (CNOOC) oper-
said “that the sale of its assets in Uganda to Total ates Block 3A.
[had been] completed with $500mn consider-
ation received earlier today.” Total is due to pay
the additional sum of $75mn to Tullow once it
makes a final investment decision (FID) on the
development of the Ugandan oilfields and will
also make contingent payments linked to world
crude prices once production is under way, it
added.
Tullow announced its plans to sell its Ugan-
dan portfolio to Total earlier this year. It then
cleared the last hurdles to the deal on October
21, when it signed a binding tax agreement with
Uganda’s government and secured approval for
the transfer of its equity stakes in several fields
and its operatorship in Block 2 to Total.
Under the deal, Total has acquired 33.3%
stakes in Blocks 1, 1A, 2 and 3A, all of which Tullow is shutting down its Ugandan operations (Photo: Earthfinds)

P12 www. NEWSBASE .com Week 45 11•November•2020