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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Tullow Oil    TLW   GB0001500809

TULLOW OIL

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Uganda Says New Tullow Farm-Out Deal Must Fulfill Tax Obligations

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08/30/2019 | 02:40am EDT

By Nicholas Bariyo

KAMPALA Uganda--Tullow Oil's new sales process to reduce its stake in Uganda's Lake Albert oil project must fulfill the country's tax obligations, Uganda's energy and minerals ministry said Friday.

The UK-based energy company said Thursday that its plans to sell a stake in its project in Uganda, which produces 230,000 barrels of oil a day, to Total and CNOOC has been called off because it had been unable to reach certain agreements on taxes with Ugandan authorities. Tullow added that it plans to begin a new sales process to reduce its 33.33% stake in the assets.

But Ugandan authorities said tax obligations on the sale must be complied with, in accordance with Ugandan laws.

Uganda's latest stance could re-establish a standoff that has stalled the $900 million deal, initiated in 2017.

"We are ... confident that as Tullow moves to re-initiate a new sales process the joint-venture partners will remain committed to fulfilling their tax obligations," Robert Kasande, the ministry's permanent secretary, said in a statement. Mr.Kasande added that the government would continue working with the joint-venture partners to ensure the final investment decision on the projects is achieved at the earliest time, "in a manner that safeguards the country's interests and sovereignty."

Another standoff could potentially hamper the development of Uganda's already delayed oil fields, estimated to contain some 6 million barrels of crude.

Write to Nicholas Bariyo at Nicholas.bariyo@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LTD 7.39% 12.78 End-of-day quote.5.10%
LONDON BRENT OIL 0.84% 68.76 Delayed Quote.11.63%
TOTAL 1.97% 48.735 Real-time Quote.3.54%
TULLOW OIL 1.59% 243.9 Delayed Quote.34.56%
WTI 0.55% 62.3 Delayed Quote.23.74%
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Financials (USD)
Sales 2019 1 961 M
EBIT 2019 772 M
Net income 2019 221 M
Debt 2019 2 775 M
Yield 2019 2,52%
P/E ratio 2019 19,0x
P/E ratio 2020 13,9x
EV / Sales2019 3,56x
EV / Sales2020 3,11x
Capitalization 4 205 M
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Number of Analysts 24
Average target price 3,20  $
Last Close Price 2,99  $
Spread / Highest target 31,6%
Spread / Average Target 6,93%
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