Heritage Oil Announces the Completion of the Sale of Its Ugandan Interests

- July 28th, 2010

Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company announced that Heritage Oil & Gas Limited has completed the disposal of its entire interests in Block 1 and Block 3A in Uganda.

Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company announced that Heritage Oil & Gas Limited has completed the disposal of its entire interests in Block 1 and Block 3A in Uganda.

The press release is quoted as saying:

Tullow Uganda Limited (“Tullow”) has paid cash consideration of US$1.35 billion and an additional contractual settlement amount of US$100 million, of which Heritage has received and retained US$1.045 billion with an additional approximately US$405 million in part deposited with the Government of the Republic of Uganda (“Government”) and in part held in escrow pending resolution of a tax dispute with the Ugandan Revenue Authority (the “URA”).

Click here to access the entire press release

Click here to access Heritage Oil Plc Corporate Site

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