Wholly-owned subsidiaries of Heritage have acquired a 75% working interest in Block 7 and Block 11 from Mali Oil Developments, a wholly-owned subsidiary of Centric Energy.
In return for earning the working interest, Heritage will fund all costs of the obligatory work programs for the next two years in both blocks, comprising the acquisition of 2D seismic and the drilling of one exploration well, at a total estimated cost for the two licenses of between $15 million and $20 million.
Tony Buckingham, CEO of Heritage Oil, said: This acquisition is very exciting for Heritage as it provides a strategic entry into Mali, and diversifies further the company’s African portfolio by offering additional potential for the discovery of large structures in an under-explored basin.
