Heritage Oil to sell interest in Miran Block to Genel

Heritage Oil, an independent upstream exploration and production company, has said its wholly owned subsidiary, Heritage Energy Middle East (HEME), has signed binding agreements with Genel Energy for the sale of a 26 per cent interest in the production sharing contract relating to the Miran Block in the Kurdistan Region of Iraq.

Heritage Oil, an independent upstream exploration and production company, has said its wholly owned subsidiary, Heritage Energy Middle East (HEME), has signed binding agreements with Genel Energy for the sale of a 26 per cent interest in the production sharing contract relating to the Miran Block in the Kurdistan Region of Iraq.

In addition, a corresponding interest in the related joint operating agreement will also be sold to Genel for cash a total consideration of $156m plus a $294m exchangeable loan which will be provided by Genel to Heritage on completion of the sale.

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