Heritage heading for Kurdistan exit

Heading for the exit: Heritage will give Genel its remaining 49% interest in the Miran Block as payment for a $294 million loan it received in August

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Josh Lewis

 12 November 2012 08:12 GMT

London-listed Heritage Oil will transfer its remaining 49% stake in the Miran Block, in the Kurdistan region of Iraq, to Genel Energy.

Heritage initially reduced its share from 75% to 49% in August, with Genel Energy paying $156 million for the 26% stake and providing Heritage with a $294 million exchangable loan.

Heritage announced on Monday that it had notified Genel of its intention to repay the loan by transferring its remaining 49% interest in the block to the once minority partner.

The loan and the funds received for the previous 26% interest were used to partially finance Heritage’s acquisition of a 45% participating interest in a Nigerian onshore licence, OML 30, along…

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