Tullow Oil plc (TLW.L) said that on Sunday, 17 January 2010, its subsidiary, Tullow Uganda Limited, exercised its right of pre-emption in respect of the proposed sale by Heritage Oil & Gas Limited, or HOGL, of its 50% interest in Blocks 1 and 3A in Uganda.
Pursuant to its right of pre-emption, Tullow Uganda will enter into a Sale and Purchase Agreement with HOGL, a subsidiary of Heritage Oil plc (HOIL.L).
On 18 December 2009, Heritage announced that the consideration for the transaction comprises US$1.35 billion cash and a further contingent, deferred consideration of either US$150 million cash or an interest in a mutually agreed producing oil field independently valued at a similar amount. A syndicate of Tullow's core relationship banks has provided the banking facilities required to enable Tullow to exercise its right of pre-emption.
Completion of the Sale and Purchase Agreement is subject to certain conditions which include approval by Heritage shareholders at a meeting scheduled for 3pm (GMT) on 25 January 2010 and receipt of necessary consents from the Ugandan Government.
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