Heritage Oil Plc (HOIL.L) and its wholly owned subsidiary Heritage Energy Middle East Ltd., or HEME, announced the proposed divestment of HEME's remaining 49% interest in the production sharing contract relating to the Miran Block (the "Miran PSC") in the Kurdistan Region of Iraq and corresponding interest in the related joint operating agreement (the "Miran JOA") to Genel Energy (Miran) Ltd., a wholly owned subsidiary of Genel Energy Plc under the terms of a $294 million exchangeable loan provided to Heritage by Genel in August 2012, including the sum of cash calls paid by Genel to the operator of the Miran Block on HEME's behalf in respect of its 49% interest, since July 1, 2012.
Heritage Oil noted that notice served by it to Genel on November 9, 2012, stating that the Loan repayment is to be satisfied by the proposed Divestment of HEME's 49% interest in the Miran PSC and the Miran JOA, reducing Heritage's interest in the Miran Block to nil.
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