Update on acquisition of additional interest in the Miran Block

abarrelfullabarrelfull wrote on 29 Aug 2012 10:47

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On 21 August 2012, Genel Energy announced that it had entered into a sale and purchase agreement to acquire an additional 26 per cent interest in the Miran exploration block in the Kurdistan Region of Iraq (the "Miran Block") from Heritage Energy Middle East Limited ("HEME") (the "Acquisition").

Genel Energy today announces that, following discussions with the Ministry for Natural Resources in the Kurdistan Region of Iraq, Closing took place under the sale and purchase agreement yesterday. Following such Closing and formal approval of the Acquisition by the Regional Council for the Oil and Gas Affairs of the Kurdistan Region - Iraq, Genel Energy will, combined with its existing holdings, have a 51 per cent working interest in the Miran Block.

Genel Energy and HEME have agreed to establish a new joint venture company for the purposes of managing the Miran Block, to be held between them pro rata to their working interests in the field. HEME will transfer the operatorship of the Miran Block to the new vehicle within 60 days.

Simultaneously, Heritage Oil Plc ("Heritage") drew down $294 million from its bilateral loan with Genel Energy, the terms of which were previously announced on 21 August 2012. The Loan is made on standard commercial terms and is secured against both Heritage's interest in the share capital of HEME and Heritage's working interest in the Miran Block.

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