Tullow Oil shares fall on failed $900m Uganda sale

Tullow Oil shares fell more than 5% after the Irish-founded exploration company announced the termination of its long-standing agreement to sell a third of its interests in Uganda in a $900m (€814m) deal.

Tullow has, for some time, been trying to finalise an agreed deal to sell down its stake in the undeveloped Lake Albert project, in the eastern African nation, from 33% to 11% to the China National Offshore Oil Corporation (CNOOC) and French oil major Total.