Tullow eyes Uganda stake
EXPLORER Tullow Oil is “seriously considering” buying Heritage Oil’s Ugandan field stake in a move which would potentially scupper a $1.5bn (£902m) deal with Eni, City PM can confirm.
Tullow and Heritage are equal partners in two exploration blocks in Uganda’s Lake Albert. Heritage has been in early talks with Eni, Italy’s biggest energy company, after Eni signed a letter of intent to buy the fields for $1.35bn plus a payment of as much as $150m within two years.
If Heritage chooses to sell out of the fields, Tullow has pre-emption rights as a shareholder and said it would “consider exercising” them to match any offer that is made.
Tullow’s manager for Uganda Brian Glover yesterday said Tullow sees Uganda as a key investment.
But Tullow cannot make a final decision until it has seen the full terms of Eni’s offer.