Here is a link to a useful summary of the ongoing oil saga, and the convolutions of the sale of Heritage’s claim in Uganda to Tullow Oil. I have found it very useful to have the information collected here in one place:
Imagine a scenario, where a major oil company purchases the assets of another, pays close to 1.5 billion US Dollars for this purchase and only then finds out that their transaction has failed to gain the mandatory regulatory approvals. Impossible you may think but true enough for Tullow Oil of Uganda.
The timeline attached to this article will outline in what sequence events did take place, but meanwhile, government has used its powers to approve, or else decline approvals, to exert pressure over a tax claim made against Heritage stemming from the sale of the assets.
Mark D. Jordahl – Kampala