Completion of Acquisition

RNS Number : 1850W

Genel Energy PLC

23 January 2013

 



23 January 2013

Genel Energy plc

("Genel Energy" or the "Company")

Genel Energy completes the acquisition of the remaining 49% interest in the Miran Block

Genel Energy announces that closing has taken place on its acquisition of the remaining 49 per cent participating interest in the Miran exploration block in the Kurdistan Region of Iraq (the "Miran Block").

On 12 November 2012, Genel Energy announced that Heritage Oil Plc ("Heritage") 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 per cent 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 now owns 100 per cent participating interest in the Miran Block (75 per cent working interest post KRG back-in right) and has become the sole operator.

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For further information, please contact:

Genel Energy plc Julian Metherell Natalie Fortescue	+ 44 20 7659 5100
M: Communications Patrick d'Ancona Andrew Benbow	[phone]

Notes to editors:

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The company, with headquarters in London and additional offices in Ankara and Erbil, is the largest independent oil producer and the largest holder of reserves in the Kurdistan Region of Iraq and, through value-accretive acquisitions, is building a high impact exploration portfolio within the Middle East and Africa.  For further information, please refer to www.genelenergy.com

 

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