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Heritage Shoreline Acquires 45% Stake in OML 30

2nd July, 2012

hexgear

Heritage Oil Plc is to acquire a significant stake in OML 30. The company announced that it had reached agreement to acquire a 45% participating interest in producing oil mining lease OML 30 in the Niger Delta. In addition, it will also acquire a 45% interest in other assets that form part of the deal for a total investment of US$850 million. The acquisition will be made through a special purpose Nigerian company, Shoreline Natural Resources Limited formed for the purpose of consummating the deal. The new company is owned by a subsidiary of Heritage and a local Nigerian partner, Shoreline Power Company Limited. OML 30 is an acquisition from Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited who each own a participating interest of 30%, 10% and 5% respectively. The remaining 55% participating interest is held by the Nigerian National Petroleum Corporation (“NNPC”). The OML 30 lease extends to June 2019. Following completion of the deal, the operatorship of OML 30 will transfer from Shell to the Nigerian Petroleum Development Company, a subsidiary of NNPC.

Asset: OML 30 Source: http://www.nigeriaoilandgasint...

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