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."
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