Total grabs a Ugandan bargain

Major shows that distressed-seller opportunities are out there for buyers with more robust balance sheets

Total will buy the 33pc share of Ugandan oil development assets held by embattled Anglo-Irish producer Tullow Oil, the latter announced on Thursday. And the price is a stark illustration of the potential bargains out there for buyers that can execute during the current challenging conditions. The French firm, which already holds a one-third stake, will pay $575mn for Tullow’s stake, although there may be contingent payments after first oil, should the oil price at that time be above a certain level. The other partner in the Lake Albert project, China’s Cnooc, also has a pre-emption right to take up half of the stake Total has agreed to buy. Bargain price Tullow agreed in January 2017 to sell