Tullow receives judgment in its favour in proceedings against Heritage
Tullow Oil plc (Tullow) is pleased to announce that Tullow Uganda Limited, its Ugandan subsidiary, has received judgment in its favour in the proceedings against Heritage Oil and Gas Ltd and Heritage Oil Plc (together ‘Heritage’) in the High Court in London (Case No: 2011 Folio 471).
In 2010, Tullow agreed to acquire Heritage’s Ugandan assets pursuant to a Sale and Purchase Agreement (SPA). The Uganda Revenue Authority (URA) designated Tullow Uganda Limited as agent in relation to this transaction which required Tullow to pay, on Heritage’s behalf, US$313 million to the URA. This sum was the outstanding Capital Gains Tax that the Ugandan Government claimed from Heritage in respect of the transaction. Tullow sought an indemnity from Heritage under the SPA in respect of this US$313 million payment to the URA.
In his judgment, Mr. Justice Burton found in favour of Tullow’s indemnity claim for US$313 million in its entirety and also dismissed Heritage’s counterclaim. A further hearing will be scheduled in due course to address matters arising from the judgment such as the amount of interest Heritage owes Tullow on the US$313 million and Tullow’s submissions in respect of payment of its costs by Heritage.
Source: Tullow Oil plc
ISSUERS OF NEWS RELEASES AND NOT OILANDGASPRESS.COM ARE SOLELY RESPONSIBLE FOR THE ACCURACY OF THE CONTENT.
Public relations, press release distribution service, investor relations, SEC filing, regulatory news,upstream, downstream,corporate announcements,technology developments and political news
www.oilandgaspress.com – The ‘one stop shop’ for global Oil and gas press releases!!!
Email: email@example.com to let us know about your events and we’ll list them free of charge
Email: firstname.lastname@example.org to Advertise your company’s services and reach thousands of oil and gas industry executives and professionals