Heritage Oil Ltd. (HOIL.LN) has agreed to pay upfront 30% of the disputed $404 million capital gains tax bill on the sale of its Uganda assets to Tullow Oil PLC (TLW.LN), Ugandan Energy and Minerals Minister Hilary Onek said Tuesday.

It will also seek a bank guarantee of the remaining 70% pending the result of arbitration on the tax dispute, Onek said.

"We have approved the sale on condition that Heritage Oil deposits 30% of the assessed capital gains tax on the transaction with the Uganda Revenue Authority," Onek told Dow Jones Newswires. "We have also asked Heritage to seek bank a guarantee of the remaining 70% of the tax which government can access on demand as the arbitration on the tax dispute continues," he said.

The long-delayed approval of the transaction clears Tullow to continue with preparations to bring on Total SA (TOT) and China National Offshore Oil Co. Ltd. (CEO) as partners for the development of oil discoveries in three blocks in the Lake Albert basin, Onek said.
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