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Blow for Tullow oil

A UGANDAN court has ordered Dublin-listed explorer Tullow Oil to pay $407m in relation to a 2012 sale of oil field stakes, local media reports said.

Tullow has already paid $142m of that amount, which relates to its disposal of stakes in Ugandan oil fields to the China National Offshore Oil Corporation and France's Total.

Tullow said it may challenge the ruling. "Tullow believes that the amount already paid exceeds its liabilities in relation to" capital gains tax, Tullow said.

Once a darling of the stock exchange, Tullow has recently seen shares slide following bad news from drilling operations. The company was set up by former Aer Lingus accountant Aidan Heavey.