Heritage turns off Kurdistan lights

Out: Heritage from Kurdistan

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Steve Marshall

 23 January 2013 11:15 GMT

UK player Heritage Oil has finally closed the door on its Kurdistan activities after the authorities of the Iraqi region approved the transfer of its remaining interest in the Miran block to Genel Energy.

The disposal of the 49% stake was carried out to repay a $294 million loan that was provided by Genel as part of an earlier deal struck last year in which the Anglo-Turkish player acquired an initial 26% interest from Heritage for $156 million.

Completion of the transfer, which has already been approved by Heritage shareholders, leaves Genel as sole operator of the gas block with a 100% stake, which would be cut to 75% once the Kurdistan Regional Government exercises its back-in right.

Heritage chief executive Tony Buckingham said the transaction meant the company had “monetised the asset at an…

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