TNT Tintra Plc

Heritage Oil PLC (HOIL.LN), an independent upstream exploration and production company, said Friday a wholly-owned subsidiary has entered into a binding letter of intent with Eni S.p.A. (E) for the sale of its entire interest in Blocks 1 and 3A in Uganda.

MAIN FACTS:

-Heritage Oil & Gas Ltd entered sale and purchase agreement with Eni International B.V. for sale of its 50% interest

-Cash consideration on closing transaction of $1.35 billion

-Contingent, deferred consideration of either $150 million in cash or interest in producing oil field, to be mutually agreed and independently valued at similar amount

-Proposed transaction unanimously recommended by board, subject to approval from Ugandan authorities, Tullow Oil PLC (TUWOY) not exercising right of pre-emption and shareholder approval to be sought before end of January 2010

-Mineral expert's report on company's material assets to be published shortly

-Proposed transaction expected to complete in first quarter of 2010

-Following completion, company will consider returning portion of disposal proceeds to shareholders in form of a special dividend in range of 75 pence to 100 pence per share

-Will also be seeking authority to buy back shares should directors determine such a buyback to be in best interests of company

-Heritage will retain interest in Albert Basin through its interests in Blocks 1 and 2 in Democratic Republic of Congo, which are currently awaiting presidential decree

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com 
 

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