Tullow Oil - Totally committed to reducing debt

Davy Research
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The news that the Ugandan government had signed off on tax arrangements, licence transfer and change of operatorship effectively brings to a successful conclusion the sale of Tullow’s Ugandan assets to Total. This is an important first step in the process of achieving $1bn asset sales to reduce financial leverage in the group. All things equal, it points to a close of year net debt position of c.$2.4bn.