Genel Increases its Stake in Kurdistan's Miran Field

Source: www.gulfoilandgas.com 8/21/2012, Location: Middle East

Heritage, an independent upstream exploration and Production Company, and its wholly owned subsidiary, Heritage Energy Middle East Limited (HEME), announce signed binding agreements with Genel Energy plc (Genel) for:
- 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
- A $294 million exchangeable loan to be provided by Genel to the Company contemporaneously with completion of the Sale (the Loan).

The Sale is expected to be completed, and the Loan drawn down, on or before Wednesday, 22 August 2012.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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