Uganda weighs its options for Lake Albert partners


Issue 180 - 05 Feb 2010 | 5 minute read

Tullow’s pre-emption of Heritage’s deal to sell its Ugandan holdings to Italy’s Eni is far from a done deal, even though Tullow was comfortably able to raise £925m ($1.5bn) in a share placing on 27 January. Tullow wants to buy the stakes and bring in a partner of its choosing so that it can follow a development strategy for the entire basin. “The board ofTullow has concluded that it is in the interests of shareholders for Tullow to pre-empt the sale of HOGL’s Ugandan assets and bring in a partner to deliver a unified basinwide development plan which will be significantly value accretive to all stakeholders as a result of accelerated and materially higher production,”Tullow said.

Tagged with:

Pin Resources

Pin Uganda

Want to read more?

Subscribe to African Energy

View subscription options

Don't have an account?

Register for access to our free content

An account also allows you to view selected free articles, set up news alerts, search our African Energy Live Data power projects database and view project locations on our interactive map

Register