Aug. 2 (Bloomberg) -- Tullow Oil Plc received $287 million from an escrow account following a tax dispute with Heritage Oil Plc over the sale of assets in Uganda in 2010.
Tullow agreed to pay about $1.5 billion for Heritage’s stakes in two Ugandan blocks three years ago. At the same time, it agreed to sell two thirds of the combined assets to Cnooc Ltd. and Total SA for about $2.9 billion. The Ugandan government withheld approval until capital gains tax was paid.
“We’ve got the money into our account,” George Cazenove, a spokesman for Tullow, said by phone today. “The balance left is actually approximately $60 million, which needs to be paid by Aug. 25.”
Tullow, based in London, and its partners plan to invest more than $10 billion in Uganda to pump commercial oil volumes from 2016. Tullow may sell part of its stake in the fields once the development plan is approved by the government, Chief Executive Officer Aidan Heavey said last month.
Tullow in June won a London court ruling ordering Heritage to pay the cash. Heritage has the right to appeal until Aug. 5, Tullow said July 31.
A spokeswoman for Heritage declined to comment.
Tullow rose 0.2 percent to 1,068 pence in London. Heritage fell 1.8 percent.
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