Heritage Acquires $850M Stake In Nigerian Oil Lease

Law360, New York (July 02, 2012, 6:31 PM ET) -- A Heritage Oil PLC joint venture subsidiary is spending $850 million to obtain a 45 percent participating interest in a Nigerian oil mining lease from Royal Dutch Shell PLC and others, striking a deal Heritage expects to lead to further development in the area, the company announced Saturday.

Heritage's stake in Oil Mining Lease 30 in the delta of southern Nigeria will increase the company's net production from 605 barrels of oil per day to 11,350 barrels of oil per day, the company said. The onshore...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required