Tullow makes its move on Heritage
According to several media reports today, Tullow Oil plc (TLW), has now served documents to exercise its pre-emption rights over the assets of Heritage Oil (HOIL) in Ugandan oil fields jointly owned by the two companies.
Tullow had until midnight on Sunday 17th January 2010 to file papers on Heritage’s Ugandan assets, valued at $1.35bn (£829m).
ENI, who Heritage had already agreed to sell the assets near Lake Albert to back in November were unavailable for comment, according to the Wall Street Journal. Another report said Tullow would match the price offered by ENI for the assets in the deal, although there was no guarantee it would go through. This is a major move by Tullow and would be the biggest deal in the history of the company.
ENI may still seek to block the intervention through the Ugandan government, which will have the final say on the deal.
So far Heritage Oil has declined to comment.
