Tullow Oil has agreed to pay $250 million to settle a tax
dispute with the Ugandan government out of court, almost half of the sum the
east African country had originally demanded in tax relating to a sale of oil
licences.
Legal proceedings have now been dropped, Tullow said on
Monday. Shares in Tullow were rose 0.7 percent by 0942 GMT.
"The settlement of this long-running dispute is good
news for Tullow and Uganda," said Tullow Chief Executive Aidan Heavey.
Financial disputes between oil companies and government always takes long time to resolve.
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