COMPANIES Heritage Oil has called off its proposed $6bn deal to merge with Turkey’s Genel Enerji in the wake of its agreement to sell its Ugandan oil fields to Eni, the Italian energy group.
The UK group on Sunday sealed a deal with Eni worth $1.35bn in cash for the Ugandan assets, and in doing so ended a much-delayed deal with Genel that it publicly committed to less than a week ago. The Eni deal could be worth as much as $1.5bn if conditions are met.
