The Ugandan government has also stated that it will conclude its review of the transaction within eight weeks. Following this, the company expects to receive formal consent and to close the transaction shortly thereafter.
Tullow exercised its right of pre-emption on January 17, 2010, to acquire Heritage’s 50% interest in Blocks 1 and 3A in Uganda for a cash consideration on closing of $1.35bn, with deferred consideration of up to $150m in cash or an interest in a mutually agreed asset.
Heritage is an independent upstream company engaged in the exploration, development, production and acquisition of oil and gas in Africa, the Middle East and Russia.
