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Genel Energy PLC Completes Acquisition

Wednesday, 23 Jan 2013 05:00am EST 

Genel Energy PLC announced that closing has taken place on its acquisition of the remaining 49% participating interest in the Miran exploration block in the Kurdistan Region of Iraq. On November 12, 2012, the Company announced that Heritage Oil Plc issued the Exchange Repayment Notice signifying its intention to repay the $294 million loan made by Genel Energy to Heritage in August 2012 through the transfer of Heritage's remaining 49%participating interest. The transfer was subject to the approval of Heritage's shareholders in a general meeting and, among other customary closing conditions, receipt of relevant approvals being granted by the Regional Council for the Oil and Gas Affairs of Kurdistan. Following closing and formal approval of the transfer by the Regional Council, Genel Energy owns 100% participating interest in the Miran Block (75% working interest post KRG back-in right) and has become the sole operator. 

Company Quote

-1.5 -0.17%
9:10am EDT