Heritage to repay Genel loan through sale

 FTSE 250 oil and gas group Heritage Oil is to sell off half of its stake in a production sharing contract (PSC) in Iraq to Genel Energy, led by ex-BP frontman Tony Hayward, in order to pay back a loan.

FTSE 250 oil and gas group Heritage Oil is to sell off half of its stake in a production sharing contract (PSC) in Iraq to Genel Energy, led by ex-BP frontman Tony Hayward, in order to pay back a loan.

Heritage has proposed divesting of Heritage Energy Middle East's (HEME's) 49% interest in the PSC at the Miran Block in the Kurdistan region, under the terms of $294m exchangeable loan provided to it by Genel in August, including the sum of cash calls paid by Genel to the operator of Miran on HEME's behalf.

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