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Tullow Completes Heritage’s Assets Acquisition

Source: www.gulfoilandgas.com 7/27/2010, Location: Africa

Tullow Oil plc (“Tullow”) announces that on 26 July 2010, Tullow Uganda Limited (“Tullow Uganda”), a subsidiary of Tullow, has completed the US$1.35 billion acquisition of a 50% interest in Blocks 1 and 3A in Uganda from Heritage Oil & Gas Limited (“HOGL”) with an additional contractual settlement amount of US$100 million.

Following conditional Government approval on 6 July, all conditions have now been met and the assets have been transferred to Tullow Uganda. Tullow now plans to enter into transactions with CNOOC and Total to farm down two thirds of its interests in Blocks 1, 2 and 3A in the Lake Albert Rift Basin. This will result in a unified partnership to accelerate development of the basin and turn Uganda into a significant oil producing nation.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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