Heritage Oil said this morning it planned to sell its remaining 49 per cent interest in a field in Kurdistan to Genel Energy to repay a $294m (£185m) loan.
Heritage will sell its stake in the Miran gas field in a deal that will see it exiting Kurdistan and focusing on a new project in Nigeria.
Heritage agreed in August to sell a 26 per cent stake in the block to Tony Hayward's Genel, with Genel lending Heritage $294m.
Should the deal be approved by Heritage shareholders, Genel will own 100 per cent of the Miran field.
Chief executive Tony Buckingham said this morning: “The divestment of our remaining 49 per cent interest in Miran will allow Heritage to monetise the asset at an attractive valuation and the total proceeds will have funded a significant part of the completed acquisition of OML 30 in Nigeria.”