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Wednesday, January 2, 2013
Heritage Oil reported that in line with expectations, Shoreline Power Company Ltd. has exercised its option to acquire a 30% economic interest in Shoreline Natural Resources Ltd. Shoreline owns a 45% interest in Nigeria's OML 30.
Heritage, together with its Nigerian partner Shoreline Power, established Shoreline Natural Resources (a special purpose private Nigerian company), to acquire a 45% participating interest in OML 30 together with a 45% interest in other assets under the joint operating agreement for OML 30, which includes a 95-km segment of the Trans-Forcados pipeline. Heritage announced the successful completion of the acquisition of the 45% interest in OML 30, Nigeria in November 2012.
Shoreline was structured with 55% of its equity interest held by Shoreline Power and the remaining 45% held by Heritage, through a wholly owned subsidiary. Shoreline Power had, as previously stated, an option to acquire 30% of Heritage’s interest in Shoreline. This option has now been exercised, in line with expectations, and Heritage is due to receive the exercise price from Shoreline Power of over $100 million in January 2013 which, in accordance with the bridge facility from Standard Bank, will be used in part as security against the existing facility to Shoreline and also for general corporate purposes.
Following completion of the option exercise and continuation of the existing profit share agreement, Heritage’s equity and economic interests in Shoreline will be 31.5% and 68.25%, respectively.
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