Heritage Raises $450M In Iraq Energy Deal With Genel

Law360, New York (August 21, 2012, 2:59 PM EDT) -- Heritage Oil PLC will sell a 26 percent stake in an oil and gas territory in Iraq's Kurdistan region to Genel Energy PLC for $156 million and also receive a $294 million loan from the company, Heritage announced Tuesday.

Heritage said the deal would aid its acquisition of a 45 percent participating interest in a Nigerian oil mining lease from Royal Dutch Shell PLC and others, while Genel will increase its working interest in the Miran Block in Kurdistan to 51 percent.

Subject to the approval...
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