Monday 12 November 2012 5:05 am

Heritage to sell remaining interest in Kurdistan to Genel

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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.”