Heritage Oil Proposes Dividend Of 75P-100P After Uganda Sale

17th Jun 2010 14:38

LONDON (Dow Jones)--Heritage Oil PLC (HOIL.LN), an independent upstream exploration and production company, said Thursday it is proposing a dividend of 75 pence to 100 pence per share following the completion of the sale of its Ugandan interests. MAIN FACTS: -Government of the Republic of Uganda has assured Heritage that it is committed to completing the transaction as soon as possible. -Heritage and Government are in discussion over whether the disposal of the Ugandan interests is subject to tax in Uganda. -Heritage has proposed that the outstanding tax dispute be submitted to binding arbitration in London and has offered to deposit $108 million with the Ugandan Revenue Authority on its receipt of the cash consideration of $1.35 billion on closing, which would be refunded to Heritage if it is ultimately determined that no tax is payable. -Exploration drilling of the Miran West-2 well in Kurdistan is scheduled to be completed in the third quarter of 2010. -3D seismic program to commence shortly in Kurdistan -Further diversified drilling programs scheduled to commence in Malta, Pakistan and Russia in the second half of 2010. -Shares at 1335 down 6.3 pence, or 1.3%, at 464.5 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires June 17, 2010 09:38 ET (13:38 GMT)