Heritage Oil completes disposal of Miran interest



LONDON (ShareCast) - Heritage Oil (Other OTC: HGOCF - news) , an independent upstream exploration and production company, has completed the disposal of its remaining 49 per cent interest in the Miran Block in the Kurdistan Region of Iraq.

In November the group issued the exchange repayment notice signifying its intention to repay the $294m loan made by Genel Energy (Other OTC: GEGYF - news) to Heritage in August 2012 through the transfer of Heritage's remaining participating interest.

Now (Other OTC: NWPN - news) that the exchange was approved by shareholders and all conditions have been satisfied, the deal is now complete.

Following completion and receipt of formal approval of the transfer by the Regional Council for the Oil and Gas Affairs of Kurdistan, Heritage no longer has an interest in Kurdistan.

Tony Buckingham, Chief Executive Officer, said: "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 $2.0bn."

Heritage's share price dropped 0.72% to 193.50p by 10:22, while Genel rose 0.5% to 802p.