Heritage Oil Completes Sale Of Ugandan Interests To Tullow

27th Jul 2010 07:47

LONDON (Dow Jones)--Heritage Oil PLC (HOIL.LN), an independent upstream exploration and production company, said Tuesday it has completed the disposal of its entire interests in Block 1 and Block 3A in Uganda to Tullow Oil PLC (TLW.LN). MAIN FACTS: -Tullow Uganda Ltd. has paid cash consideration of $1.35 billion and an additional contractual settlement amount of $100 million, of which Heritage has received and retained $1.045 billion with an additional approximately $405 million in part deposited with the Government of the Republic of Uganda and in part held in escrow pending resolution of a tax dispute with the Ugandan Revenue Authority. -Shares closed Monday at 410.5 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires July 27, 2010 02:47 ET (06:47 GMT)