Nov. 22 (Bloomberg) -- Eni SpA, Italy’s biggest energy company, will pay $1.5 billion for Heritage Oil Plc’s fields in Uganda, the London-based Sunday Times reported, without saying where it got the information.

Heritage will pay a special dividend of between 90 pence and 100 pence a share as part of the deal, which could be announced as soon as tomorrow, the newspaper said. The St. Helier, Jersey-based company operates in central African country in a joint venture with Tullow Oil Plc.

Eni is trying to expand reserves with fields in Uganda, central Asia and the Gulf of Mexico after disruptions in Nigeria cut output. Heritage, founded by its Chief Executive Officer Tony Buckingham, who previously worked as a security adviser and a diver in the North Sea, and Tullow have sought investors to help develop infrastructure in Uganda.

“It looks like there will have to be a pipeline and a refinery, in neither of which Heritage has any experience,” Peter Hitchens, an analyst at Panmure Gordon & Co. in London who has a “buy” recommendation on Heritage shares, said by phone. “It’s stuff for the big boys.”

Nick Lambert, a Heritage spokesman in London, declined to comment. An Eni spokeswoman declined to comment. Tullow is still seeking investment partners for its stake in the Ugandan fields, spokesman George Cazenove said by phone.

Heritage said Nov. 17 it was in discussions about “large- scale infrastructure programs” related to Uganda that may include a pipeline.

Heritage closed at 507.5 pence in London trading on Nov. 20, valuing the company at 1.47 billion pounds ($2.42 billion). Buckingham owns 33 percent of the company and will be paid as much as 84 million pounds from the Eni deal, the Times said. JPMorgan Cazenove is advising Heritage, the newspaper reported.

Proceeds from the Eni deal will probably be used by Heritage for projects in the Iraqi region of Kurdistan, the Sunday Telegraph reported today without saying where it got the information from.

To contact the reporter on this story: Matthew Campbell in London at mcampbell39@bloomberg.net.

Last Updated: November 22, 2009 09:17 EST