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Tullow oil sells off its Uganda oil stakes

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Tullow Oil plc (Tullow) announced yesterday that at its General Meeting held earlier 15th July 2020, the resolution set out in the Notice of General Meeting put to the General Meeting seeking approval for the proposed sale of its entire interests in Blocks 1, 1A, 2 and 3A in Uganda and the proposed East African Crude Oil Pipeline System to Total (the “Transaction”), as described in the circular to shareholders dated 18 June 2020 (the “Circular”) was passed by the requisite majority. The resolution put to the General Meeting was voted on by way of a poll and the results are set out below.

The Transaction also remains subject to a number of other conditions, including customary government approvals and the execution of a binding tax agreement with the Government of Uganda and the Uganda Revenue Authority that reflects the agreed tax principles previously announced. Subject to the satisfaction of the conditions, the Transaction is expected to complete in the second half of 2020.

%Votes TOTAL% of ISC votedVotes WITHHELD
To approve the Transaction788,781,16499.93%565,7650.07%789,346,92955.94%131,910


(1) Proxy appointments which gave discretion to the Chair of the General Meeting have been included in the “For” total of the resolution.

(2) A “Vote Withheld” is not a vote in law and is not counted in the calculation of the proportion of votes “For” or “Against” the resolution, nor in the calculation of the proportion of “Percentage of ISC voted” for the resolution.

(3) The percentage of votes “For” and “Against” the resolution is expressed as a percentage of votes validly cast for the resolution.

(4) The number of shares in issue at 6.00 p.m. on 13 July 2020 (being the voting record date for the General Meeting) was 1,411,003,726 ordinary shares of 10 pence each (the “Ordinary Shares”) and at that time, Tullow did not hold any Ordinary Shares in treasury. The proportion of “Percentage of ISC voted” for the resolution is the total of votes “For” and “Against” in respect of the resolution expressed as a percentage of the ISC as described in this note (4).

(5) In accordance with LR 9.6.2, a copy of the resolution passed at the meeting has been submitted to the FCA’s National Storage Mechanism, and will shortly be available to view at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The full text of the resolution passed at the General Meeting can be found in the Notice of General Meeting forming part of the Circular, which is available for inspection at the National Storage Mechanism and also on the Company’s website at http://www.tullowoil.com.

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