Heritage Oil completed the placing announced earlier today (the "Placing"). A total of 25,400,000 new ordinary shares in the Company (the "Placing Shares") have been placed with institutions at a price of 520 pence per Placing Share (the "Placing Price"), which represents a premium of 2.9% to the closing price on June 12, 2009. Based on the Placing Price, the gross proceeds of the Placing will be Pounds Sterling 132 million. The Placing Shares being issued represent an increase of approximately 9.8% in Heritage Oil's existing issued share capital.
The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of no par value of the Company, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing Shares.
Applications have been made for the Placing Shares to be admitted to the Official List of the UK Listing Authority and to trading on the main market ("Main Market") of the London Stock Exchange (together, the "Admission"). It is expected that Admission will take place and that trading in the Placing Shares will commence on June 18, 2009 (the "Closing Date").
J.P. Morgan Cazenove Limited ("J.P. Morgan Cazenove") is acting as sole bookrunner (the "Bookrunner") on behalf of Heritage Oil in respect of the Placing. Canaccord Adams Limited ("Canaccord Adams") is acting as Co-Lead Manager on behalf of Heritage Oil in respect of the Placing. The Placing is conditional on Admission and certain other conditions as referred to in the announcement of the Placing made earlier today.
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