Heritage Oil: Sold Interests In Uganda Blocks To Tullow Uganda

27th Jul 2010 07:26

DOW JONES NEWSWIRES Heritage Oil PLC (HOIL.LN) said Tuesday that it has completed the sale of its "entire interest" in Block 1 and Block 3A in Uganda to Tullow Uganda Ltd. Tullow paid cash US$1.35 billion in cash "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...in part held in escrow pending resolution of a tax dispute with the Ugandan Revenue Authority," Heritage said in a statement. Heritage plans to pay a special dividend of up to 100 pence per share in August, it said. By Singapore Resources Desk; Dow Jones Newswires; 65 6415 4127; [email protected] (END) Dow Jones Newswires July 27, 2010 02:26 ET (06:26 GMT)