| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: OIL & GAS PRODUCERS |
Heritage close to finalising merger terms |
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Tue 17 Nov 2009
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LONDON (SHARECAST) - Exploration and production company Heritage Oil is about to embark on its busiest schedule of exploration, appraisal and development work programmes ever, ahead of its proposed merger with Turkish company Genel.
Appraisal drilling on the Miran West structure in the Kurdistan region of Iraq is set to start later this month with further appraisal and development drilling planned for 2010.
Meanwhile, in Uganda, activity on the group’s Block 1 asset will restart early next year with a high-impact, six well, exploration and appraisal programme which will target the Buffalo East, Crocodile and Leopard prospects.
The company said its Russian assets produced an average of 422 barrels of oil per day in the third quarter, 83% higher than the average production in the first half of the year.
Discussions with Turkish exploration and production group Genel are still in progress and the terms of the merger are close to being formally agreed. The company hopes that the implementation agreement can be signed by the end of the year.
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