LONDON, June 14 (Reuters) - Africa-focused oil explorer Tullow Oil said on Friday that a London court ruled in its favour in a case brought against Heritage Oil over Ugandan tax.
The case was centred on over $400 million worth of capital gains tax demands made by the Ugandan government after Tullow’s former partner, Heritage Oil, sold assets in the East African country to Tullow in a $1.45 billion deal in 2010.
Heritage said in a separate statement that it would evaluate its legal options with a view to appealing the judgement. It has 21 days to do so.
“Mr. Justice Burton found in favour of Tullow’s indemnity claim for US$313 million in its entirety and also dismissed Heritage’s counterclaim,” Tullow said in a statement.