Heritage Oil Completes the Disposal of the Remaining Interest in the Miran Block, Kurdistan
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Heritage Oil Plc (“Heritage” or the “Company”) (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, today announces that it has completed the previously announced disposal of the remaining 49% interest in the Miran Block in the Kurdistan Region of Iraq (“Kurdistan”).
On 12 November 2012, Heritage issued the Exchange Repayment Notice signifying the intention to repay the $294 million loan made by Genel Energy plc to Heritage in August 2012 through the transfer of Heritage’s remaining 49% participating interest. Completion of the sale was subject to the approval of Heritage’s shareholders, which was received overwhelmingly at the Extraordinary General Meeting on 12 December 2012. Completion was also subject to other customary closing conditions including relevant approvals being granted by the Regional Council for the Oil and Gas Affairs of Kurdistan, which have been received.
Following completion and receipt of formal approval of the transfer by the Regional Council, Heritage no longer has an interest in Kurdistan.
Tony Buckingham, Chief Executive Officer, commented:
“We are delighted to have received final approval for the disposal which means we have not only monetised the asset at an attractive valuation but have also used the proceeds to fund a significant part of our entry into a new region through the recent acquisition of a major interest in OML 30, Nigeria. This brings the total disposal proceeds generated by Heritage from asset sales to over $2 billion.”
Notes to Editors
— Heritage is listed on the Main Market of the London Stock Exchange and
is a constituent of the FTSE 250 Index. The trading symbol is HOIL.
Heritage has a further listing on the Toronto Stock Exchange (TSX:HOC).
— Heritage is an independent upstream exploration and production company
engaged in the exploration for, and the development, production and
acquisition of, oil and gas in its core areas of Africa, the Middle East
— Heritage has producing assets in Nigeria and Russia and exploration
assets in Malta, Tanzania, Pakistan and Libya.
— OML 30, Nigeria, is located onshore in the delta region, covers 1,097
square kilometres and includes eight producing fields with oil and gas
contained in numerous stacked reservoirs. The licence includes a 45%
interest in the segment of the Trans Forcados pipeline between the
Eriemu Manifold and the Forcados River Manifold.
— All dollars are US$ unless otherwise stated.
— For further information please refer to www.heritageoilplc.com.
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Source: Heritage Oil Plc
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