Tullow step closer to buying out Heritage shares

TULLOW Oil has moved a step closer to buying out its operational partner Heritage Oil’s shares of two blocks at the Kasamene oil and gas field in Uganda.

Heritage shareholders yesterday voted overwhelmingly in favour of such a deal going ahead at an extraordinary general meeting held in Jersey.

In essence, Heritage’s shareholders were voting on their company simply selling out of the two blocks and not on their preferred buyer – as Tullow’s $1.5 billion (€1bn) bid simply matches that of the earlier one lodged last November by Italian energy giant Eni.