London-listed Heritage will sell a 26% stake in the block, in which it currently holds a 75% stake and operatorship, for a cash sum of $156 million while it will also receive a $294 million loan from Genel as part of the deal that could be exchanged for its remaining share at a later date.
Genel will boost its present 25% stake in the production sharing contract to 51% following completion of the transaction, leaving Heritage on 49%, with the two partners to act as joint operators of the 1100 square-kilometre tract where Heritage is carrying out exploration and appraisal work on the Miran East and Miran West structures.
Genel
