CNOOC announced last March that it signed a sales and purchase agreement with Tullow Oil to acquire one-third equity of the company in three exploration areas in Uganda. CNOOC said that after the completion of the transaction, CNOOC will be appointed as the operator of the new Kanywataba exploration license in the former Block 3A and the production license converted from the Kingfisher discovery in the former Block 3A. Tullow Oil and France's Total will be respectively appointed as the operators of Blocks 2 and 1. Li Fanrong, CEO of CNOOC, said that the completion of this transaction would create value for shareholders. CNOOC will closely cooperate with project partners and the Ugandan government to accelerate the development process of the project.