Tullow opts to buy oil field stakes
Although Heritage had initially agreed to sell its stakes in two fields in the Lake Albert Rift Basin to Italian energy giant Eni for $1.5bn (€1.04bn) in November, Tullow held pre-emption rights, meaning it could match Eni’s bid if it wished.
The Irish-founded oil and gas exploration company, which now has its headquarters in London, announced yesterday, on its official pre-emption deadline, that it will now enter a sale and purchase agreement with Heritage Oil & Gas Ltd, a subsidiary of Heritage Oil, with the finalisation of the deal dependent on approval by Heritage’s shareholders and the Ugandan Government. Heritage is to hold an extraordinary general meeting for shareholders to vote on the matter next Monday.
