RAK Petroleum swoops on Eagle Energy

Oman-based oil exploration company RAK Petroleum Oman has acquired rival Eagle Energy from Heritage Oil for $28 million (£19 million).

Eagle Energy holds a ten per cent interest in Block 8, Oman. Block 8 contains the Bukha field, which began production in 1994 and the West Bukha field, which has been producing since February 2009.

The proceeds of the sale will be used to fund Heritage’s activities in Iraq and Uganda.

Tony Buckingham, Heritage CEO, commented: “This transaction demonstrates Heritage’s strategy of realising value for shareholders within the portfolio. We believe the cash proceeds from the sale will enable Heritage to generate substantially greater value by focusing resources on its core activity areas in Uganda and the Kurdistan Region of Iraq.”

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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