Heritage Oil Completes Disposal of its Entire Interests in Two Ugandan Blocks

On July 27, 2010, Heritage Oil Plc, an independent upstream exploration and production company listed on the LSE and the TSX, completed the disposal of its entire interests in Block 1 and Block 3A in Uganda. A subsidiary of Tullow Oil Plc paid cash consideration of US$1.35 billion and an additional contractual settlement amount of US$100 million, of which Heritage received and retained US$1.045 billion with an additional approximately US$405 million in part deposited with the government of the Republic of Uganda and in part held in escrow pending resolution of a tax dispute with the Uganda Revenue Authority.

McCarthy Tétrault LLP acted for Heritage, with a team that comprised Robert Brant, Paul Airley and Geoff Peters in London, and Gregory Turnbull, Peter Goode and Robert Nearing in Calgary.

Tullow was advised in-house and by Vinson & Elkins LLP in London, with a team that comprised Alexander Msimang and Kevin Atkins.