HERITAGE OIL COMPLETES THE DISPOSAL OF THE REMAINING INTEREST IN THE MIRAN BLOCK, KURDISTAN
Heritage Oil Plc (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.”