LONDON - Heritage Oil PLC (TSX:HOC) says it expects to receive US$100 million in January from selling part ownership in the OML 30 onshore oil and gas fields and an associated pipeline in Nigeria.
Shoreline Power Ltd. has exercised its option to acquire a 30 per cent stake the special-interest company, Shoreline Natural Resources Ltd., that acquired a 45 per cent interest in OML 30 in November.
As a result of the option transaction, Heritage will have a 31.5 per cent equity interest in Shoreline Natural Resources, down from 45 per cent when the special-purpose company was created.
Heritage, a Canadian-listed company based in the United Kingdom, said it would use proceeds from the deal as security against the existing facility to Shoreline Natural Resources and also Heritage's general corporate purposes.
Heritage and its Nigerian partner, Shoreline Power, established the special-purpose company to acquire a 45 per cent participating interest in OML 30 and a 45 per cent interest in other assets, including a segment of the Trans Forcados pipeline.
© Copyright 2013