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Tullow get favourable result in law case

Wednesday, July 23 11:54:50

Irish-owned energy prospector, Tullow Oil, today said it has received judgement in its favour from proceedings against Heritage Oil in London's Court of Appeal.

However, it will have to pay a small percentage of its original claim back to Heritage.

In June 2013, the FTSE 100 oil and gas exploration company won in its High Court case for claims against Heritage regarding capital gains tax payments that Tullow had made on Heritage's behalf to the Uganda Revenue Authority. As a result, Heritage paid Tullow USD345.8 million in August 2013 but was granted the opportunity to appeal certain aspects of the judgement in September 2013.

The Court of Appeal ruled in Tullow's favour in all but one of the appeal points on Wednesday, following the appeal which was heard in May. The further point is over part of one of Tullow's indemnity claims and will require Tullow to repay to Heritage roughly USD2.5 million plus some interest.

Tullow Oil has already accounted for the receipt of the USD345.8 million in its 2013 annual report and accounts.

For more visit: www.businessworld.ie