Heritage Oil PLC (HOIL.LN), an independent upstream exploration and production company, said Monday that ENI S.p.A. (ENI.MI) has terminated the sale and purchase agreement for Heritage's entire interest in Block 1 and Block 3A in Uganda following Tullow Oil PLC's (TLW.LN) exercise of a pre-emption right with respect to the transaction.
MAIN FACTS:
-Eni's termination should expedite completion of the sale and purchase agreement entered into between Heritage and Tullow on Jan. 26, 2010
-Heritage and Tullow are working closely with the Ugandan Government to obtain the formal approval of the sale, which is expected imminently.
-A formal request for consent to transfer the disposed assets to Tullow was submitted to the Government on Feb. 2 2010 and the transaction is expected to close within the first quarter of 2010.