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Genel Energy Plc GENL Acquisition of Remaining Miran Interest

  Genel Energy Plc (GENL) - Acquisition of Remaining Miran Interest

RNS Number : 8349Q
Genel Energy PLC
12 November 2012




12 November 2012



                               Genel Energy plc

                      ("Genel Energy" or the "Company")

                                      

Genel to acquire the remaining 49% interest in the Miran Block and assume full
                                 operatorship

                                      

Genel Energy  announces  that  on  the  9  November  2012,  Heritage  Oil  Plc 
("Heritage") issued the  Exchange Repayment Notice  notifiying the Company  of 
its intention to repay the $294 million loan made by Genel Energy to  Heritage 
in August  2012 through  the  transfer of  Heritage's  remaining 49  per  cent 
interest in the Miran exploration block  in the Kurdistan Region of Iraq  (the 
"Exchange Repayment"). The interest  in the Miran Block  is currently held  by 
Heritage Energy Middle  East Limited  ("HEME"), a wholly  owned subsidiary  of 
Heritage.



The Exchange Repayment is subject  to the approval of Heritage's  shareholders 
in a  general  meeting. In  addition  to shareholder  approval,  the  Exchange 
Repayment and  subsequent  acquisition of  the  additional interest  by  Genel 
Energy, is subject to (i) receipt  of relevant approvals being granted by  the 
Minister of Natural Resources  for the Kurdistan  Regional Government and  the 
Regional Council  for the  Oil and  Gas  Affairs of  Kurdistan; and  (ii)  the 
execution of an amendment  and novation agreement between  HEME and the  Genel 
acquisition vehicle, Genel Energy (Miran)  Limited; and (iii) other  customary 
closing conditions.



Genel Energy previously acquired a 26  per cent working interest in the  Miran 
Block from HEME on 23 August 2012, taking its current holding in the block  to 
51 per  cent. Following  the Exchange  Repayment and  subsequent  acquisition, 
Genel Energy will own  100 per cent  of the Miran Block  (75 per cent  working 
interest post KRG back-in right) and will be the sole operator.



                                    -ends-

                                      

For further information, please contact:



Genel Energy plc  +44 20 7659 5100

Julian Metherell

Natalie Fortescue


M: Communications +44 20 7920 2330

Patrick d'Ancona

Andrew Benbow





Notes to editors:



Genel Energy is an independent oil and gas exploration and production  company 
listed on  the main  market of  the  London Stock  Exchange (LSE:  GENL).  The 
company, with  headquarters in  London and  additional offices  in Ankara  and 
Erbil, is  the largest  independent oil  producer and  the largest  holder  of 
reserves  in  the  Kurdistan  Region  of  Iraq  and,  through  value-accretive 
acquisitions, is  building  a high  impact  exploration portfolio  within  the 
Middle  East  and   Africa.  For   further  information,   please  refer   to 
www.genelenergy.com.



This announcement does not constitute or form part of any offer or  invitation 
to purchase,  otherwise  acquire,  issue, subscribe  for,  sell  or  otherwise 
dispose of any  securities, nor  any solicitation  of any  offer to  purchase, 
otherwise acquire, issue, subscribe  for, sell or,  otherwise dispose of,  any 
securities.

This announcement is not an offer of securities for sale or a solicitation  of 
an offer to purchase  securities. The securities of  the Company referred  to 
herein have not been and will not be registered under the U.S. Securities  Act 
of 1933, as amended (the "Securities Act"), and may not be offered or sold  in 
the United States  unless they  are registered  with the  U.S. Securities  and 
Exchange Commission or an exemption from the registration requirements of  the 
Securities Act is available.

The release,  publication  or distribution  of  this announcement  in  certain 
jurisdictions  may  be  restricted  by  law  and  therefore  persons  in  such 
jurisdictions  into  which  this   announcement  is  released,  published   or 
distributed should inform themselves about and observe such restrictions.

Certain statements in this  announcement are forward‑looking statements  which 
are based on the Company's, expectations, intentions and projections regarding
its future performance, anticipated  events or trends  and other matters  that 
are not  historical facts.  These  statements are  not guarantees  of  future 
performance and  are subject  to known  and unknown  risks, uncertainties  and 
other factors that could cause actual results to differ materially from  those 
expressed or implied  by such forward‑looking  statements. Given these  risks 
and uncertainties,  prospective investors  are cautioned  not to  place  undue 
reliance on forward‑looking statements. Forward‑looking statements speak only
as of the date of such statements  and, except as required by applicable  law, 
the Company  undertakes  no  obligation  to  update  or  revise  publicly  any 
forward‑looking statements, whether  as a  result of  new information,  future 
events or otherwise.



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


ACQLFLLFLFFFFBF -0- Nov/12/2012 07:05 GMT