Heritage Oil Plc Purchases a Stake in Nigerian Oil Fields

Business Week reported that Heritage Oil Plc (TSX:HOC) purchased a stake in Nigerian oil fields from Royal Dutch Shell Plc (NYSE:RDS.B) and Total SA (NYSE:TOT) for $850 million.

As quoted in the market news:

Heritage and Nigerian partner Shoreline Power Co. agreed to buy 45 percent in OML 30, an onshore license with about 35,000 barrels of oil output a day. Shares of the Jersey, U.K.-based company are suspended in London because the deal is considered a reverse takeover.

Click here to read the full Business Week report.