Heritage Oil To Sell Uganda Oil Fields To Eni
Published: 23-Nov-2009
Heritage Oil has agreed to sell its oil fields in Uganda to Eni, an Italian energy group, for approximately $1.3 billion. Heritage shares the oil fields with Tullow Oil.
In Uganda, Heritage owns 50% of two blocks in the Albert Basin, which cover 12,000 sq. km on the border of Democratic Republic of Congo. The company has drilled six wells in its blocks.
As reported, Eni is expected to acquire the 50% working interest Heritage holds in two blocks, Blocks 1 and 3A, in the Albert Basin. As part of the deal, Heritage will pay a special dividend of between 90 pence and 100 pence per share to investors.
The move, which underscores intense interest of the major oil companies in Uganda, is expected to strengthen Eni's position in Africa. The company has also shown its interest in the Republic of Congo, Ghana and Nigeria.
Heritage is likely to use proceeds of the recent deal to add to its assets in Kurdistan. Heritage owns Taq Taq fields and Miran-1 field in Kurdistan.
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