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Watching The World: Uganda ups the ante

08/16/2010
By Eric Watkins
The oil and gas industry rarely has a problem spotting politicians, especially when it comes to the matter of taxes. But in Uganda, Heritage Oil & Gas Ltd. has come up against some especially tiresome politicians and taxes.Just a few weeks ago, reports said that Heritage had finally won the approval of Uganda's government to sell its 50% stakes in two blocks in the Lake Albert rift basin to its erstwhile partner, Tullow Oil PLC.Indeed, late last month, reports said that Tullow, following approval by the Uganda government, completed its planned acquisition of 50% interest in Blocks 1 and 3A from Heritage for $1.35 billion, plus change.Tullow then planned to enter into transactions with...
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