(Bloomberg) -- Tullow Oil Plc reversed earlier losses in London trading after assuming full control of a project in Kenya.

The shares rose as much as 2.7% after TotalEnergies SE and Africa Oil Corp. exited the Kenyan joint venture. Their withdrawal follows years of slow progress and failure to reach a final investment decision. Tullow is now continuing to look for a strategic partner before attempting to bring the project to fruition.

The departure of partners “forms a marginal positive for Tullow by way of providing full ownership of the asset, doubling its contingent resource at no cost, and more flexibility in future farm-ins,” said Will Hares, an analyst at Bloomberg Intelligence. Still, if a FID is reached, output would be several years away, he said. 

The stock slumped at the open on Tuesday before changing direction. Tullow has declined more than 50% over the past year after wells off Ghana and Guyana proved to be duds and the Kenya project stalled.

Total and Africa Oil are withdrawing from blocks in the South Lokichar Basin for “differing internal strategic reasons,” Tullow said in a statement. “As a result, Tullow’s working interest in these blocks will increase from 50% to 100%.”

The company discovered crude in Kenya in 2012, but it’s failed to find a strategic partner and the country’s government has been slow to approve a development plan.

Read More: Tullow Oil Seeks Growth From Existing Fields as Kenya on Hold

“Owning 100% of the project creates more optionality, gives Tullow more flexibility in the ongoing process to secure strategic partners,” it said. “Detailed farmout discussions continue with a number of companies.”

Africa Oil released a separate statement, saying its “strategy has shifted to focus on production and high-potential exploration opportunities” elsewhere. Total didn’t respond to a request for comment.

(Updates with share reversal in first and fourth paragraphs.)

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