Uganda Update

RNS Number : 7955G

Tullow Oil PLC

08 February 2010

 



News Release

 

 

Tullow Oil plc - Uganda Update

8 February 2010 - Heritage Oil Plc, Tullow Oil plc's 50% partner in Blocks 1 and 3A in Uganda, today issued the following press release.

HERITAGE OIL ISSUES AN UPDATE ON THE PROPOSED DISPOSAL OF ITS UGANDAN INTEREST

Heritage Oil Plc (LSE: HOIL), an independent upstream exploration and production company, issues an update on the proposed disposal of the Company's entire interest in Block 1 and Block 3A ("the Disposed Assets") in Uganda.

Heritage announces that ENI International B.V. ("Eni") has terminated the sale and purchase agreement entered into with Heritage on 18 December 2009 ("Eni SPA") with immediate effect. The termination followed Tullow Uganda Limited's ("Tullow") exercise of a pre-emption right with respect to the transaction and was allowed under the terms of the Eni SPA.

Eni's termination should expedite completion of the sale and purchase agreement entered into between Heritage and Tullow on 26 January 2010, which is on the same terms and conditions as the Eni SPA.  Heritage and Tullow are working closely with the Ugandan Government ("Government") to obtain the formal approval of the sale, which is expected imminently.  A formal request for consent to transfer the Disposed Assets to Tullow was submitted to Government on 2 February 2010 and the transaction is expected to close within the first quarter of 2010.

FOR FURTHER INFORMATION CONTACT:

Tullow Oil plc ([phone]) Aidan Heavey Ian Springett Chris Perry

Citigate Dewe Rogerson ([phone]) Martin Jackson George Cazenove

Murray Consultants ([phone]) Joe Murray Ed Micheau

Notes to Editors

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 85 exploration and production licences across 23 countries and focuses on four core areas: Africa, Europe, South Asia and South America.

In Africa, Tullow has production in Gabon, Côte d'Ivoire, Mauritania, Congo (Brazzaville) and Equatorial Guinea and two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Gabon, Côte d'Ivoire, Liberia, Sierra Leone, Mauritania, Senegal, Congo (DRC), Tanzania, Madagascar, Namibia and Angola.

Tullow's European interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames area. The company also has interests offshore the Netherlands and Portugal.

In South Asia, Tullow has exploration and production in Pakistan and Bangladesh. In South America, Tullow has exploration interests in Guyana, French Guiana and Suriname.

For further information please refer to our website at www.tullowoil.com.

 

END

 

 

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