Heritage Oil to Acquire 45 Percent Interest in Nigerian Oil Mining Lease

Heritage Oil Plc (TSX:HOC) plans to acquire a 45 percent interest in a producing oil mining lease located onshore in the delta in Nigeria as well as a 45 percent interest in other assets.

As quoted in the press release:

The Proposed Acquisition will be financed by a US$550 million secured bridge finance facility, and a fully underwritten rights issue (“Rights Issue”) raising proceeds of up to US$370 million (which amount may be reduced by the proceeds of any capital raising which has completed and settled prior to 27 August 2012)

Click here to read the Heritage Oil Plc (TSX:HOC) press release.