Genel Energy completes the acquisition of the remaining 49% interest in the Miran Block
Genel Energy announces that closing has taken place on its acquisition of the remaining 49 per cent participating interest in the Miran exploration block in the Kurdistan Region of Iraq (the “Miran Block”).
On 12 November 2012, Genel Energy announced that Heritage Oil Plc (“Heritage”) issued the Exchange Repayment Notice signifying its intention to repay the $294 million loan made by Genel Energy to Heritage in August 2012 through the transfer of Heritage’s remaining 49 per cent participating interest. The transfer was subject to the approval of Heritage’s shareholders in a general meeting and, among other customary closing conditions, receipt of relevant approvals being granted by the Regional Council for the Oil and Gas Affairs of Kurdistan.
Following closing and formal approval of the transfer by the Regional Council, Genel Energy now owns 100 per cent participating interest in the Miran Block (75 per cent working interest post KRG back-in right) and has become the sole operator.
Source: Genel Energy
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