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Tullow Oil sells a third of its licence off French Guiana to Shell

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Tullow to sell stakes in South American and Ugandan prospects

Tullow Oil has sold a third of its licence off French Guiana to Shell, and also plans to dispose of half its interest in the Lake Albert Rift Basin in Uganda.

Tullow said it had identified a number of leads in the Guiana licence, and said the participation of Shell was an endorsement of the prospect. Shell has the option to acquire another 12% and Tullow also hopes to farm out further equity to another party before the end of the year. Analysts have put a value of £140m on the block.

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