Heritage Oil Plc Announces the Termination of the Proposed Rights Offering

Heritage Oil Plc Announces the Termination of the Proposed Rights Offering

Heritage Oil Corporation Announces the Cancellation of the Due Bill Trading Procedure for Its Exchangeable Shares
Heritage Oil Plc (LSE:HOIL) (“Heritage”), the parent company of Heritage Oil Corporation (TSX:HOC) (the “Corporation”), announced its decision to terminate its proposed rights offering.
As announced on August 21, 2012, Heritage and its wholly owned subsidiary, Heritage Energy Middle East Limited (“HEME”), signed binding agreements with Genel Energy plc (“Genel”) for: (i) the sale of a 26% interest in the production sharing contract relating to the Miran Block (the “Miran PSC”) in the Kurdistan Region of Iraq (“Kurdistan”) and corresponding interest in the related joint operating agreement (the “Miran JOA”) to Genel for cash consideration of $156 million (the “Sale”); and (ii) a $294 million exchangeable loan to be provided by Genel to Heritage contemporaneously with completion of the Sale (the “Loan”).
The Sale completed in accordance with its terms on August 22, 2012 and Heritage has received the cash consideration in full. The Loan was fully drawn down and the Loan funds have been received in full.
As announced by Heritage previously, if the Sale completed and the Loan was drawn down on or prior to August 22, 2012, the proposed rights issue (the “Proposed Rights Issue”) described in the prospectus issued by Heritage on 6 August 2012 (the “Prospectus”) to be undertaken in connection with the proposed acquisition by Heritage, through its interest in Shoreline Natural Resources Limited, of an interest in OML 30 in Nigeria, as previously announced by Heritage on June 29, 2012 (the “Proposed Acquisition”) will no longer be required. Accordingly the Proposed Rights Issue has been terminated.
In light of the termination of the Proposed Rights Offering, the Corporation today announced the cancellation of the “Due Bill” trading procedure that would have otherwise applied to the Corporation’s exchangeable shares listed and trading on the Toronto Stock Exchange. The Corporation had previously announced the application of the Due Bill trading procedure on August 18, 2012.
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