Tullow wraps up Uganda buy

TULLOW OIL HAS completed the US$1.35bn acquisition of Heritage Oil’s interests in two blocks in Uganda.

Tullow has paid up an additional US$100mn to settle the deal with Heritage for a 50 per cent interest in Blocks 1 and 3A.

Tullow is now working on farming down two thirds of interests in Blocks 1, 2 and 3A in the Lake Albert Rift basin to China National Offshore Oil Corporation and France’s Total.

The trio will commence work on an accelerated basin-wide development plan that is expected to deliver production well in excess of 200,000 bpd, chief executive Aidan Heavey said.

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