Uganda Govt: Approves Heritage Oil Asset Sale To Tullow

6th Jul 2010 13:55

LONDON (Dow Jones)--Uganda's government has approved Heritage Oil Ltd.'s (HOIL.LN) sale of its Uganda assets to Tullow Oil PLC (TLW.LN) and the entrance of Total SA (TOT) and China National Offshore Oil Company (CEO) into a partnership with Tullow to develop oil discoveries, officials at Tullow and Heritage said Tuesday. Following a meeting at Uganda's Ministry of Energy and Minerals, the development manager at Tullow Oil Uganda, Hans Meijers, and Heritage's Vice President of Exploration and Production, Brian Smith, told Dow Jones Newswires they had a letter approving the transactions. The companies will issue more detailed statements regarding the approval later, the company officials said. Tullow agreed in January to purchase Heritage's half-share in two oil licenses for $1.35 billion in cash plus up to $150 million extra dependent on certain conditions being met within two years. The deal will briefly give Tullow 100% of the three Lake Albert licenses, but it has agreed to quickly sell on a third of these licenses to both Total and Cnooc. Company website: http://www.tullowoil.com; http://www.heritageoilplc.com -By Nicholas Bariyo and James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; [email protected] (END) Dow Jones Newswires July 06, 2010 08:55 ET (12:55 GMT)