Heritage Sells Oman Holdings

7 April 2009 (Last Updated April 7th, 2009 18:30)

Canadian independent Heritage Oil has sold its Oman offshoot Eagle Energy to RAK Petroleum for $28m. The cash proceeds will be reinvested in the company’s "core activity areas” in Uganda and Kurdistan, the company said in a statement. Eagle Energy holds a 10% interest in Oman’s Bl

Canadian independent Heritage Oil has sold its Oman offshoot Eagle Energy to RAK Petroleum for $28m.

The cash proceeds will be reinvested in the company’s "core activity areas” in Uganda and Kurdistan, the company said in a statement.

Eagle Energy holds a 10% interest in Oman’s Block 8, which contains the Bukha field and the West Bukha field.

Oman’s Block 8 generated profits of $1m for the year ended 31 December 2007 and had gross assets of $21.1m on the 30 June net to Heritage.

By staff writer