Heritage Oil, an independent upstream exploration and production company announces that a wholly owned subsidiary has acquired a controlling 51% interest in Sahara Oil Services Holdings Limited (SOSH) which holds the necessary long term permits and licences to provide oil field services in Libya, for cash consideration of US$19.5 million. Through this acquisition Heritage is looking to play a significant role in the future development of the oil and gas industry in Libya.

Highlights • Heritage has acquired a 51% equity interest and control of SOSH, an established oil field service provider in Libya for cash consideration of US$19.5 million • SOSH owns the entire share capital of Sahara Oil Services Limited (“SOS”) • SOS has the necessary long term permits and licences to provide onshore and offshore oil field services in Libya as well as the rights to own and operate oil and gas licences • Through this acquisition Heritage is exploring ways to gain access to key producing fields and other licence opportunities in Libya • Heritage will use SOS to assist with the drilling of its targets offshore Malta

Tags: Heritage Oil Limited