Tullow sells stake in Uganda project to Total for $575 mln
LONDON, April 23 (Reuters) - Total has agreed to buy Tullow Oil's entire stake in their joint onshore oil fields in Uganda for $575 million, Tullow said on Thursday.
Tullow, which sits on about $2.8 billion in debt, will receive $500 million in cash and $75 million once a final investment decision is reached on the project, it said. (Reporting by Shadia Nasralla; Editing by Susan Fenton)