Heritage Oil to buy £541m Nigerian oil assets from Shell
Heritage Oil has agreed to buy a parcel of Nigerian assets from Royal Dutch Shell and its partners for $850m (£541m), as it seeks to build a major presence in the country.
By Emily Gosden 7:55AM BST 01 Jul 2012
The FTSE 250 company, led by chief executive Tony Buckingham, has formed a Nigerian joint-venture called Shoreline to buy a 45pc stake in a major onshore oil producing block known as OML 30. Shell owned 30pc of the block, with Total and ENI as minority partners. The majority 55pc stake is held by the Nigerian National Petroleum Corporation.
The deal, Heritage’s first foray into the country, will significantly increase its production, from 605 barrels of oil per day (bpd) currently to 11,354bpd. Heritage’s management believes production can be increased further.
The pending acquisition will also represent a more than three-fold increase in Heritage’s proven and probable reserves, to 278m barrels.
Mr Buckingham said the deal would be “transformational” for Heritage.
The deal will be funded through a $550m bridge finance loan from Standard Bank, and a subsequent $370m rights issue. The transaction is classified as a reverse takeover under listing rules, as Heritage’s market value on Friday night was £318m, and as such will need shareholder approval.
Shares will be suspended on Monday, pending an extraordinary general meeting.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
