Global Leader in International Oil and Gas Industry News

posted in:

  • Home>
  • Oil & Gas News
  • >
  • Europe,
  • >
  • Heritage Oil announces Shoreline Power has exercised option on Shoreline Natural Resources and provides production update

Heritage Oil announces Shoreline Power has exercised option on Shoreline Natural Resources and provides production update

Monday, Dec 31, 2012

Heritage Oil Plc ("Heritage" or the "Company") (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, today announces that, in line with expectations, Shoreline Power Company Limited ("Shoreline Power") has exercised its option to acquire a 30% economic interest in Shoreline Natural Resources Limited ("Shoreline") and Heritage will receive over US$100 million in January 2013. Shoreline owns a 45% interest in OML 30, Nigeria.

Tony Buckingham, Chief Executive Officer, commented:

"The acquisition of an interest in OML 30 is proving to be a transformational deal for Heritage, providing significant increases in both production and cash flow. We expect to see production grow further over the coming year as work programme activity increases across the licence following completion of the acquisition in November 2012. We continue to look for opportunities, including within Nigeria, to develop our portfolio of exploration and production assets further."

Source: Marketwire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

  • Home>
  • Oil & Gas News
  • >
  • Europe,
  • >
  • Heritage Oil announces Shoreline Power has exercised option on Shoreline Natural Resources and provides production update

Other Oil & Gas News

Gastar Exploration begins drilling new well in Utica Shale 17-04-2014
Osiris Projects nearing completion of the ambitious works on the subsea cabling project which will help deliver fast, fibre optic broadband to the H 17-04-2014
Corlena Oil Company II, LLC to sell horizontal Texas Panhandle properties 17-04-2014
Xylem’s Godwin pumps restore critical operations at flooded oil refinery in Argentina 17-04-2014
TXON Partners, LLC to sell North Texas oil properties 17-04-2014
Samson Oil & Gas operational advisory 17-04-2014
Shell announces Malaysia deep-water gas discovery 17-04-2014
Canadian Natural Resources Limited Announces Discovered Presence of Light Oil/Hydrocarbons Offshore Cote d'Ivoire 17-04-2014
Samson Oil & Gas announces equity placement 17-04-2014
Gazprom and Gasunie emphasize long-term nature of strategic partnership 17-04-2014