A Review of the Nigerian Energy Industry

Heritage Oil shares up over Nigeria’s OML 30

07 August 2012, Sweetcrude, LONDON – LONDON-listed Heritage Oil emerged the sector’s biggest riser after its shares were restored to trading having been suspended following the reverse takeover of Nigeria’s Oil Mining Lease, OML 30, where it recently acquired a stake.

Heritage Oil’s shares were up by nearly 20% in late afternoon London trading.

The acquisition is being financed by a $550m secured bridge finance facility and a fully underwritten rights issue raising proceeds of up to $370m.

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