Heritage Oil, Tullow's 50% partner in Blocks 1 and 3A in Uganda, has issued an update on the proposed disposal of the Company's entire interest in Block 1 and Block 3A in Uganda.
Heritage announces that ENI International B.V. has terminated the sale and purchase agreement entered into with Heritage on December 18, 2009 with immediate effect. The termination followed Tullow Uganda Limited's exercise of a pre-emption right with respect to the transaction and was allowed under the terms of the Eni SPA.
Eni's termination should expedite completion of the sale and purchase agreement entered into between Heritage and Tullow on January 26, 2010, which is on the same terms and conditions as the Eni SPA. Heritage and Tullow are working closely with the Ugandan Government to obtain the formal approval of the sale, which is expected imminently. A formal request for consent to transfer the Disposed Assets to Tullow was submitted to Government on February 2, 2010 and the transaction is expected to close within the first quarter of 2010.
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