- Oil and Gas Investing News - http://oilandgasinvestingnews.com -
Heritage Oil Announces the Completion of the Sale of Its Ugandan Interests
July 28, 2010 @ 12:36 pm In Oil & Gas Company News
Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company announced that Heritage Oil & Gas Limited has completed the disposal of its entire interests in Block 1 and Block 3A in Uganda.
The press release is quoted as saying:
Tullow Uganda Limited ("Tullow") has paid cash consideration of US$1.35 billion and an additional contractual settlement amount of US$100 million, of which Heritage has received and retained US$1.045 billion with an additional approximately US$405 million in part deposited with the Government of the Republic of Uganda ("Government") and in part held in escrow pending resolution of a tax dispute with the Ugandan Revenue Authority (the "URA").
Article printed from Oil and Gas Investing News: http://oilandgasinvestingnews.com
URL to article: http://oilandgasinvestingnews.com/903-heritage-oil-announces-the-completion-of-the-sale-of-its-ugandan-interests.html
URLs in this post:
[1] Click here to access the entire press release: http://www.marketwire.com/press-release/Heritage-Oil-Announces-the-Completion-of-the-Sale-of-Its-Ugandan-Interests-TSX-HOC-1295702.htm
[2] Click here to access Heritage Oil Plc Corporate Site: http://www.heritageoilplc.com/
Copyright © 2010 Oil and Gas Investing News. All rights reserved.