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Tullow eyes Uganda stake

EXPLORER Tullow Oil is &ldquo;seriously considering&rdquo; buying Heritage Oil&rsquo;s Ugandan field stake in a move which would potentially scupper a $1.5bn (&pound;902m) deal with Eni, City A.M. can confirm.<br /><br />Tullow and Heritage are equal partners in two exploration blocks in Uganda&rsquo;s Lake Albert. Heritage has been in early talks with Eni, Italy&rsquo;s biggest energy company, after Eni signed a letter of intent to buy the fields for $1.35bn plus a payment of as much as $150m within two years.<br /><br />If Heritage chooses to sell out of the fields, Tullow has pre-emption rights as a shareholder and said it would &ldquo;consider exercising&rdquo; them to match any offer that is made.<br /><br />Tullow&rsquo;s manager for Uganda Brian Glover yesterday said Tullow sees Uganda as a key investment.<br /><br />But Tullow cannot make a final decision until it has seen the full terms of Eni&rsquo;s offer.