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4-Traders Homepage  >  Equities  >  Irish Stock Exchange  >  Tullow Oil plc    TLW   GB0001500809

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Tullow Oil Refers Fresh Ugandan Tax Dispute for Arbitration

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12/17/2012 | 11:38am CET
   By Nicholas Bariyo 
    
 

KAMPALA, Uganda--U.K.-based Tullow Oil PLC (>> Tullow Oil plc) has registered a fresh tax dispute in the U.S. against the Ugandan government over levies imposed on machinery it imports for oil exploration activities in the country, a company official said Monday,

The case has been filed with World Bank-affiliated International Centre for Settlement of Investment Disputes, said Jimmy Mugerwa, Tullow's general manager in Uganda. Tullow is challenging the Ugandan government's decision to levy an 18% value-added tax on of its imported machinery as well as other supplies into the country, he said.

A government official, who declined to be named, said: "The position of the government is that Tullow should not claim taxes on supplies as recoverable costs before oil production starts."

A hearing date for the case is yet to be fixed.

This is the latest spat between the exploration company and the east African nation and analysts say it could further hinder the already delayed startup of oil production in Uganda's Lake Albertine rift basin.

Uganda discovered oil in 2006 along its western border with Congo but a litany of disputes with oil companies continue to delay the development of oil fields which are believed to contain as much as 3.5 billion barrels of oil.

Uganda is facing a separate suit in London over its decision to levy a 30% tax on the $1.45 billion sale of Heritage Oil PLC (>> Heritage Oil PLC) assets in the country to Tullow in 2010. The tax spat compelled government to delay the approval of the deal for more than a year, delaying Tullow's own plans to sell part of the assets to France's Total SA (>> TOTAL S.A.) and China's Cnooc Ltd. (>> CNOOC Limited).

Write to Nicholas Bariyo at nicholas.bariyo@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : Tullow Oil plc, TOTAL S.A., CNOOC Limited, Heritage Oil PLC
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Financials ($)
Sales 2016 1 419 M
EBIT 2016 252 M
Net income 2016 14,3 M
Debt 2016 4 888 M
Yield 2016 -
P/E ratio 2016 47,55
P/E ratio 2017 20,36
EV / Sales 2016 5,97x
EV / Sales 2017 4,34x
Capitalization 3 577 M
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Mean consensus HOLD
Number of Analysts 26
Average target price 3,37 $
Spread / Average Target -14%
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NameTitle
Aidan Joseph Heavey Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Paul McDade Chief Operating Officer & Executive Director
Ian Springett Chief Financial Officer & Executive Director
Angus Murray McCoss Executive Director & Exploration Director
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