Tullow Oil PLC shareholders on Wednesday voted to approve the sale of the company’s remaining 33.33% stake in Uganda’s oil fields and the proposed East African Crude Oil Pipeline (EACOP).
In a statement released by the company, Tullow said the Uganda sales deal had garnered 788,781,164 or 99.93% approval, while only 0.07% voted against the sale to French Total E&P.
The approval of the sales deal, however, remains subject to government approval and the fulfilment of terms such as the payment of capital gains taxes, which is expected to be concluded by the end of August.
The cash-strapped Anglo-Irish independent explorer in April announced the sale of its entire stake in Uganda to Total E&P in a $575m deal.
As part of the approval process, Ugandan government officials are currently reviewing the company’s areas of operations in the Albertine Graben before they are taken over by Total E&P.