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.
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