These PSAs cover the EA-1 and Kanywataba licences in the Lake Albert Rift basin and Tullow has also secured the Kingfisher production licence.

The company said it will now finalize arrangements with CNOOC and Total for completion of the farm-down and the related transfer of monies.

Tullow CEO Aidan Heavey said the signing of the latest agreements is a vital step towards the development of the Lake Albert Rift basin and the oil and gas industry in Uganda and East Africa.

Tullow is an independent oil and gas exploration and production group and it has interests in over 90 exploration and production licences across 22 countries.