Tullow Has Started Pre-emption Process On Uganda Oil Stakes
17 Janvier 2010 - 12:27PM
Dow Jones News
Tullow Oil PLC (TLW.LN) has served documents to exercise a
preemption right of Uganda oil stakes put up for sale by Heritage
Oil PLC (HOIL.LN), a Tullow spokesman said Sunday.
Heritage had previously offered to sell the stakes to Eni SpA
(E) for at least $1.3 billion.
But Tullow, Heritage's partner in the blocks, had later said it
could use its right to preempt them.
The spokesman said that Tullow is currently in talks to choose a
partner for its Uganda blocks and plans to discuss the matter with
the government later this month.
He added Tullow is considering listing its Uganda business on
the country's stock exchange.
-By Benoit Faucon Reporter Dow Jones +44 77 601 777 36 Benoit
Faucon Reporter Dow Jones +44 77 601 777 36.
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