Heritage Oil leaves Kurdistan

by Arabian Oil & Gas Staff on Jan 27, 2013

Heritage Oil, an independent E&P company has disposed of the remaining 49% interest in the Miran Block in the Kurdistan Region of Iraq.

On 12 November, 2012, Heritage issues the Exchange Repayment Notice signifying the company’s intent to repay the $294 million loan made by Genel Energy plc to Heritage in August that year, through the transfer of Heritage’s remaining 49%participating interest.

“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,” said Tony Buckingham, chief executive officer of Heritage Oil.

The company has announced that following the completion and receipt of formal approval of the transfer by the Regional Council, Heritage no longer has an interest in Kurdistan.

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