Heritage Oil acquires interest in Nigeria

A partially-owned subsidiary of upstream exploration and production company Heritage Oil has reached an agreement to acquire a 45 per cent participating interest in a producing oil mining lease in Nigeria, together with a 45 per cent interest in other assets under the joint operating agreement for OML 30.

A partially-owned subsidiary of upstream exploration and production company Heritage Oil has reached an agreement to acquire a 45 per cent participating interest in a producing oil mining lease in Nigeria, together with a 45 per cent interest in other assets under the joint operating agreement for OML 30.

The subsidiary, which is known as Shoreline Natural Resources and also part-owned by local Nigerian partner, Shoreline Power Company, made the acquisition for $850m, net of costs.

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