Reports » UK
Heritage Oil(LON:HOIL.L) report: Uganda Approval
July 7, 2010, Wednesday, 11:35 GMT | 06:35 EST | 15:05 IST | 17:35 SGT
By Daniel Stewart & Co
- The government of Uganda has provided conditional consent to dispose of the companys Uganda assets
- The transaction is expected to complete within five working days following finalisation of a government mechanism to deal with arbitration and any taxes that may be owed from the disposal fo the transaction
- Heritage has taken legal advice and expects the transaction to be tax free
- Following the transaction heritage will receive US$1.35bn from Tullow and a deferred US$150m in cash or mutually agreed asset
- Following the transaction, heritage will update the market with regards to dividends
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