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Heritage Enters LOI to Sell Its Ugandan Interest

Source: www.gulfoilandgas.com 12/18/2009, Location: Africa

Heritage Oil Plc, an independent upstream exploration and production company, announced that a wholly-owned subsidiary had entered into a binding letter of intent (the "LOI") with Eni S.p.A. ("Eni") for the sale of its entire interest in Blocks 1 and 3A in Uganda. Heritage today announces that the Company and Heritage Oil & Gas Limited ("HOGL") have entered into a sale and purchase agreement (the "SPA"), with Eni International B.V. for the sale of its 50% interest in Blocks 1 and 3A in Uganda (the "Proposed Transaction"). The consideration comprises cash of US$1.35 billion and a further contingent, deferred consideration of either US$150 million in cash or an interest in a mutually agreed producing oil field independently valued at a similar amount. Completion of the SPA is subject to the receipt and satisfaction of certain approvals and conditions, including the approval of the Company's shareholders at a meeting to be held before the end of January 2010, the receipt of any necessary consents from the Ugandan Government and HOGL not receiving a valid pre-emption notice from Tullow Uganda Limited ("Tullow").

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