UK based Oil and Gas Company Tullow Oil has Monday formerly sold a major portion of its assets in the Albertine oil exploration areas to their French counterparts Total E&P Uganda.
Tullow in a statement issued today, announced that it was farming-down its assets worth $900million (3.3Tillion shillings) to Total.
The sold assets represent up to 2.157% of the total 33.33% interest that Tullow had in exploration areas A, A1, 2 and 3A.
Tullow now remains with only 11.76% stake in the upstream pipeline, which could also drop down to 10% when government formally exercises its power to back-in.
Details on this and analysis will follow shortly.