Tullow exits Uganda project, sells stake to Total for $575 million

LONDON (Reuters) - Tullow Oil said that Total has agreed to buy its entire stake in their joint onshore oil fields in Uganda for $575 million as part of its target to raise $1 billion this year to tackle its $2.8 billion debt pile.Tullow, whose shares have shed around 90% since last April and whose market capitalisation was around $285 million on Wednesday, will receive $500 million in cash and $75 million once a final investment decision is reached on the project, it said on Thursday. An..