English
Eni Spa, the largest energy company in Italy, is buying stakes in two Ugandan oil fields from the British explorer Heritage Oil Plc. for a reported 1.35 billion USD. If certain conditions are met in the future, Eni could pay an additional 150 million USD in cash and assets. The Italian company did not specify what the conditions were.
Eni is buying 50 per cent of the rights to exploration and production that Heritage owns in two blocks in Lake Albert Rift, Blocks 1 and 3A, which it shares with the British-based Tullow Oil Plc. So far, the Lake Albert Rift in Uganda has been reported to hold approximately 700 million barrels of oil. Heritage"s partner, Tullow, is confident that the block holds an additional 1.5 billion barrels of oil.
Heritage announced that, after completing the deal, it would consider disbursing a special dividend of 75-100 pence/share to its shareholders.
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