Tullow Close To Completing Uganda Oil Purchase

Law360, New York (January 26, 2010, 4:46 PM EST) -- A subsidiary of United Kingdom-based Tullow Oil PLC has agreed to buy the Ugandan interests of Heritage Oil & Gas Ltd. and Heritage Oil PLC for up to $1.5 billion, but the deal must still win the approval of the Ugandan government.

The companies said Tuesday that the transaction between Heritage and Tullow Uganda Ltd. was approved by Heritage's shareholders on Monday.

The deal includes a consideration of $1.35 billion in cash and deferred consideration of up to $150 million cash, or an interest in a...
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