Heritage Acquires $850M Stake In Nigerian Oil Lease
By Sean McLernon
Law360, New York (July 2, 2012, 6:31 PM EDT) -- 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...