Global Leader in International Production Industry News

posted in:

  • Home>
  • Production News
  • >
  • Europe,
  • >
  • Heritage Oil announces Shoreline Power has exercised option on Shoreline Natural Resources and provides production update

Heritage Oil announces Shoreline Power has exercised option on Shoreline Natural Resources and provides production update

Monday, Dec 31, 2012

Heritage Oil Plc ("Heritage" or the "Company") (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, today announces that, in line with expectations, Shoreline Power Company Limited ("Shoreline Power") has exercised its option to acquire a 30% economic interest in Shoreline Natural Resources Limited ("Shoreline") and Heritage will receive over US$100 million in January 2013. Shoreline owns a 45% interest in OML 30, Nigeria.

Tony Buckingham, Chief Executive Officer, commented:

"The acquisition of an interest in OML 30 is proving to be a transformational deal for Heritage, providing significant increases in both production and cash flow. We expect to see production grow further over the coming year as work programme activity increases across the licence following completion of the acquisition in November 2012. We continue to look for opportunities, including within Nigeria, to develop our portfolio of exploration and production assets further."

Source: Marketwire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

  • Home>
  • Production News
  • >
  • Europe,
  • >
  • Heritage Oil announces Shoreline Power has exercised option on Shoreline Natural Resources and provides production update

Other Production News

Octagon 88 Resources announces plans to spud first horizontal proudction well on Bluesky formation 24-04-2014
EnerJex Resources announces Niobrara operations update and development plans 23-04-2014
PTTEP acquires Hess Corporation in Thailand to strengthen its Thailand investment 23-04-2014
Aker Solutions and Baker Hughes form subsea production alliance 23-04-2014
FX Energy reports successful production test at Tuchola-4K well 22-04-2014
Drilling and production update 18-04-2014
Dejour sees 60% increase in net production at Woodrush 16-04-2014
Oil and gas drilling and production brought to life 15-04-2014
Platform P-20 resumes production 09-04-2014
Gastar Exploration announces Marcellus shale production temporarily interrupted due to rupture of third party-operated pipeline 09-04-2014