Heritage Oil completes sales of Block 1 and Block 3A in Uganda to Tullow Oil.
International Resource News-27 July 2010-Heritage Oil completes sales of Block 1 and Block 3A in Uganda to Tullow Oil(C)2010 ENPublishing - http://www.enpublishing.co.uk
International Resource News - 27 July 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Heritage Oil PLC (Heritage Oil) (LSE: HOIL), a Canada-based oil and gas exploration, development and production company, has completed the sale of its entire interests in Block 1 and Block 3A in Uganda to Tullow Oil PLC (Tullow Oil) (TLW.LN).
The deal is worth USD1.35bn in cash and an additional contractual settlement amount of USD100m, of which Heritage Oil has received and retained USD1.045bn with an additional around USD405m in part deposited with the Government of the Republic of Uganda and in part held in escrow pending resolution of a tax dispute with the Ugandan Revenue Authority.
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