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 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.

About Tullow Oil

Tullow is an independent oil & gas, exploration and production group which is quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in over 40 exploration and production licences across 11 countries including Ghana where it operates the Jubilee and TEN fields. In March 2021, Tullow committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030.

About TotalEnergies

TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.