Firm to sell stake in oil fields

Wednesday 20th January 2010, 3:00PM GMT.

Heritage chief executive Tony Buckingham

AN oil company which has its headquarters in Jersey is likely to sell its stake in Ugandan oil fields for US$ 1.5 billion – at least ten times more than it spent in the country.

Heritage Oil, which has its offices in St Helier, invested $150m since it moved into Uganda in 1997. Two firms are battling for the fields, and when the deal is done, the company will be one of Jersey’s most cash rich companies.

Chief financial officer Paul Atherton said that Heritage intends to pay a one-off special dividend of between 75p and 100p per share to shareholders following completion of the disposal.

‘Assuming that all is concluded successfully, we will have at least $1 billion in the treasury and that will enable us to accelerate investments in Kurdistan and Malta,’ he said. ‘We will also continue to invest in exploration, development and production.’

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1
watermelon

January 20, 2010 at 9:18 pm

Please read this

http://www.guardian.co.uk/katine/katine-chronicles-blog/2010/jan/18/uganda-oil-profits

so wrong and ugly

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2
FUBAR

January 21, 2010 at 8:27 am

tony buckingham is NOT the sort of 11k we need in Jersey

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3
Spring Heeled Jack

January 21, 2010 at 10:25 am

Bet you wouldn’t say that to his face!

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4
marah Nai

January 21, 2010 at 1:11 pm

To think none of this will go to the poor Ugandans who are most in need of no more than a roof over their heads. tsk tsk.

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5
J Lamborrari

January 21, 2010 at 3:07 pm

@ marah Nai #3
“To think none of this will go to the poor Ugandans…”
It would’ve had they invested in their own country, but they didn’t have the cash obviously. Now what they need to do is operate their own countries tax affairs to best meet the needs of their people, from the likely profits of whichever company buys the oil-fields.

Following the $150m by this Jersey company, Uganda have an oppourtunity to benefit and prosper; the ball is in their court.

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6
J-Cat

January 21, 2010 at 4:44 pm

FUBAR – what can you possibly mean?

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7
FUBAR

January 22, 2010 at 7:39 am

6 J-Cat… Do your homework.

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8
J-Cat

January 22, 2010 at 11:57 am

FUBAR – my comment was tongue in cheek!

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