OML 30 Nigeria

OML 30 Nigeria

Heritage Oil Announces Overwhelming Support at Its EGM for the Approval of the Acquisition of an Interest in OML 30 Nigeria
LONDON, UNITED KINGDOM–(Marketwire – Aug. 31, 2012) –
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, announces that at its Extraordinary General Meeting (“EGM”), held yesterday, all resolutions put to shareholders of the Company were duly passed.
Resolutions 1 and 2 were put to the EGM in amended form, the full text of which is set out in the supplementary circular to shareholders dated 23 August 2012. The procedural resolutions authorising Resolutions 1 and 2 to be put to the EGM in amended form and Resolution 3 not be put to the EGM were duly passed. Resolution 3 was not heard due to the cancellation of the proposed rights issue, following the completion of the sale of an interest in the Miran block, Kurdistan and receipt of the exchangeable loan announced on 22 August 2012.
Set out below are the voting results in respect of the substantive resolutions proposed at the EGM. The number of ordinary shares and exchangeable shares carrying a vote in Heritage in issue at the time of the EGM was 257,956,996.
—————————————————————————-
For Against
—————————————————————————-
% Votes
Votes cast Votes
—————————————————————————-
Resolution 1 Approve the Acquisition of an 156,175,298 99.92 122,178
interest in OML 30, Nigeria
—————————————————————————-
Resolution 2 Approve the Contingent Deposit of 156,171,448 99.92 122,178
US$80 million
—————————————————————————-
The full text of the resolutions as originally proposed is contained in the notice of the EGM and the full text of the resolutions as proposed and passed at the EGM is contained in the supplementary circular to shareholders dated 23 August 2012.
Tony Buckingham, Chief Executive Officer, commented:
“We are delighted by the overwhelming support of our shareholders for the transformational acquisition of OML 30, which will create significant shareholder value and is cash generative upon completion. We are expecting to complete the transaction in the short term.”
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
and Russia.
— Heritage has an exploration, appraisal and development asset in the
Kurdistan Region of Iraq, exploration assets in Malta, Tanzania,
Pakistan, Libya and the Democratic Republic of Congo and a producing
property in Russia.
— For further information please refer to our website,
www.heritageoilplc.com.
ISSUERS OF NEWS RELEASES AND NOT OILANDGASPRESS.COM ARE SOLELY RESPONSIBLE FOR THE ACCURACY OF THE CONTENT.
Public relations, press release distribution service, investor relations, SEC filing, regulatory news,upstream, downstream,corporate announcements,technology developments and political news
www.oilandgaspress.com – The ‘one stop shop’ for global Oil and gas press releases!!!
>Oil and Gas Press

#FOLLOW US ON INSTAGRAM