-- The Government of the Republic of Uganda ("Government") has provided conditional consent for the disposal of the Assets in Uganda -- The transaction is expected to complete within five working days following finalisation with Government of a mechanism, including arbitration, for dealing with any taxes lawfully payable from the disposal of the Assets -- Heritage has received advice that the disposal of the Assets is not taxable in Uganda -- On completion of the transaction Heritage will receive US$1.35 billion in cash from Tullow Uganda Limited, with deferred consideration of up to US$150 million in cash or an interest in a mutually agreed asset -- Following completion of the transaction Heritage will provide an update on the proposed dividend
-- Heritage is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 Index. The trading symbol is HOIL. Heritage has a further listing on the Toronto Stock Exchange (TSX:HOC). -- Heritage is an independent upstream exploration and production company engaged in the exploration for, and the development, production and acquisition of, oil and gas in its core areas of Africa, the Middle East and Russia. -- On completion of the sale of the Ugandan interests Heritage will receive US$1.35 billion in cash. There is a further contingent, deferred consideration of up to US$150 million in cash or an interest in a mutually agreed asset. -- Heritage has a producing property in Russia and exploration projects in Uganda, the Kurdistan Region of Iraq, the Democratic Republic of Congo, Malta, Pakistan, Tanzania and Mali. -- All dollars are US$ unless otherwise stated. -- For further information please refer to our website, www.heritageoilplc.com
Heritage Oil PlcTony BuckinghamCEO+44 (0) 1534 835 400orHeritage Oil PlcPaul AthertonCFO+44 (0) 1534 835 400info@heritageoilplc.comorHeritage Oil Plc - Investor RelationsTanya Clarke+44 (0) 20 7518 0838tanya.clarke@heritageoilplc.comorPelham Bell Pottinger - PR - EuropeNick Lambert+44 (0) 20 7861 3936NLambert@pelhambellpottinger.co.ukorPelham Bell Pottinger - PR - EuropeDuncan Mayall+44 (0) 20 7861 3888DMayall@pelhambellpottinger.co.ukorCHF Investor Relations - Investor Relations - CanadaCathy Hume+1 416 868 1079 x231cathy@chfir.comorCHF Investor Relations - Investor Relations - CanadaJeanny So+1 416 868 1079 x225jeanny@chfir.com
Heritage Oil is a oil producing company based in Canada.
Its main exploration properties are MIRAN BLOCK in Iraqi, BLOCKS I AND II - ALBERT BASIN in Congo Dem. Rep. of, SANJAWI BLOCK in Pakistan, KISANGIRE AND LUKULIRO and LATHAM AND KIMBIJI in Tanzania, ZAPADNO-CHUMPASSKOYE in Russia, BLOCKS 7 AND 11 in Mali and BLOCK 3A - ALBERT BASIN and BLOCK 1 - ALBERT BASIN in Uganda.
Its stock quote reached its highest recent level on July 24, 2009 at CA$ 9.99, and its lowest recent point on June 08, 2012 at CA$ 1.60.
Heritage Oil has 2 360 000 shares outstanding.