jws01us posted on 2/8/2010
Based on Tullow Uganda's exercising its pre-emption rights, Heritage Oil said Eni International has terminated a sale and purchase agreement for Heritage interest in blocks 1 and 3A in Uganda. In a release on 8 February 2010, Heritage said Eni's cancellation of the agreement should expedite the completion of the sale and purchase agreement - using the same terms as the initial agreement with Eni - between Tullow and Heritage, which was announced on 26 January 2010.
Heritage said the government received a formal request for the transfer of the interest on 2 February 2010, and the transaction is expected to close during 1Q 2010.
Last month, Heritage shareholders approved the deal terms, including a consideration of $1.35 billion cash and a further contingent, deferred consideration of up to $150 million cash or an interest in a mutually agreed producing oil field independently valued at a similar amount.
Before the sale, Heritage Oil and Tullow each hold 50% in Blocks 1 and 3A.
by: Jennifer Pallanich,
jpallanich@offshore-engineer.com
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