tullow oil in $1.5 billion ugandan oil deal

if there is any doubt on the possible upside for GBP from Ugandan oil exploration, one just has to look at the huge outlay UK oil giant Tullow Oil made overnight in buying control of two Ugandan exploration licenses from Heritage Oil for $1.5 billion.

with the next GBP Ugandan exploration well due to spud in the next fortnight look for a possible spike in interest in the company due to the huge amount of money flooding into Uganda at the present time.



http://www.reuters.com/finance/stocks/keyDevelopments?rpc=66&symbol=TLW.L×tamp=20100126133100


Tullow Oil plc Signs Sale And Purchase Agreement To Buy Heritage Ugandan Interests
Tuesday, 26 Jan 2010 08:31am EST
Tullow Oil plc announced that its subsidiary, Tullow Uganda Limited has entered into a Sale and Purchase agreement with Heritage Oil & Gas Limited and Heritage Oil Plc to purchase their entire interest in Block 1 and Block 3A in Uganda. The terms of the transaction include a consideration of USD1.35 billion cash and a further contingent, deferred consideration of up to USD150 million cash or an interest in a mutually agreed producing oil field independently valued at a similar amount.