Oil, Gas and Consumable Fuels
Company Overview of Tullow Uganda Limited
Tullow Uganda Limited offers oil and gas exploration services. The company is based in Uganda. Tullow Uganda Limited operates as a subsidiary of Tullow Oil plc.
Plot 15, Yusuf Lule Road, Nakasero p.O.Box 16644
Key Executives for Tullow Uganda Limited
Tullow Uganda Limited does not have any Key Executives recorded.
Tullow Uganda Limited Key Developments
Tullow Uganda Limited Receives Judgment in its Favour in the Proceedings against Heritage Oil and Gas Ltd. and Heritage Oil Plc
Jun 14 13
Tullow Oil plc announced that Tullow Uganda Limited has received judgment in its favour in the proceedings against Heritage Oil and Gas Ltd. and Heritage Oil Plc 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, USD 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 USD 313 million payment to the URA. In his judgment, Mr. Justice Burton found in favour of Tullow's indemnity claim for USD 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 USD 313 million and Tullow's submissions in respect of payment of its costs by Heritage.
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