News Release
Tullow receives judgment in its favour following appeal by Heritage
23 July 2014- Tullow Oil plc ('Tullow') is pleased to announce that Tullow Uganda Limited, its Ugandan subsidiary, has received judgment in its favour in the proceedings against Heritage Oil and Gas Ltd and Heritage Oil Plc (together 'Heritage') in the Court of Appeal in London (Case No: 2013/2175).
In June 2013, Tullow succeeded in the High Court in London with its indemnity claims against Heritage with regard to Capital Gains Tax payments that Tullow had made on Heritage's behalf to the Uganda Revenue Authority. In August 2013, Tullow received $345.8 million from Heritage in satisfaction of this High Court judgment.
In September 2013, Heritage was granted permission by the Court of Appeal to appeal certain aspects of the High Court judgment and the appeal was heard in May 2014. In its judgment, the Court of Appeal ruled in Tullow's favour on all but one of the points appealed by Heritage. This point relates to part of one of Tullow's indemnity claims and will require Tullow to repay to Heritage approximately $2.5 million plus some interest. In all other respects the Court of Appeal has upheld the High Court's judgment.
Tullow has already accounted for the receipt of $345.8 million in its 2013 Annual Report and Accounts.
FOR FURTHER INFORMATION CONTACT:
Tullow Oil plc (London) (+44 20 3249 9000) Chris Perry (Investor Relations) James Arnold (Investor Relations) George Cazenove (Media Relations) |
Citigate Dewe Rogerson (London) (+44 207 638 9571) Martin Jackson Shabnam Bashir |
Murray Consultants (Dublin) (+353 1 498 0300) Pat Walsh Joe Heron |
Notes to Editors
Tullow Oil plc
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 140 exploration and production licences across 23 countries which are managed as three regional business units: West & North Africa, South & East Africa and Europe, South America and Asia.
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