UK-listed Heritage Oil has confirmed the conditions set by the Ugandan government for approval of the $1.35 billion sale of its 50% interests in Blocks 1 and 3A in the onshore Albertine Basin (IOD Jul.7,p1). To facilitate the deal with Anglo-Irish license partner Tullow Oil, Heritage must deposit $122 million with the Ugandan treasury and grant t a bank guarantee over the remaining $283 million of the $405 million it is disputing with Kampala as capital gains tax liability on the sale, pending arbitration in London.
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