Eni To Buy Ugandan Oil Interests For $1.35B

Law360, New York (November 23, 2009, 3:38 PM EST) -- Eni SpA has entered a letter of intent to purchase Heritage Oil PLC's interest in two Ugandan oil fields for $1.35 billion, the companies said Monday.

Eni will acquire a Heritage subsidiary's 50 percent working interest in two blocks in Uganda for a cash consideration of $1.35 billion, as well as an additional consideration of $150 million or an interest in a producing field if certain conditions are met within two years, Heritage said in a statement Monday.

The blocks, located in the Lake Albert basin,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.