Heritage Oil Corporation has received net cash of $9.4m in an arrangement to sell its overriding royalty in the Democratic Republic of Congo(DRC) to Maurel et prom.
According to a statement from Calgary, the total cash consideration on the exercise was $16.4m, but $7m has been used to acquire a further 7% interest in the Noumbi license in the DRC.
“Heritage has received net cash and loan notes of $24.6m, acquired an additional 7% of Noumbi exploration permit for $7m and could receive an additional $10.75m if Maurel sells its interest in the M’Boundi field and Kouilou permit in DRC within 18 months,” the statement reads.
“This transaction further strengthens an already solid balance sheet, providing cash to fund the accelerated work programme in Uganda and new development projects,” said Heritage chairman, Micael Gulbenkian.
“In addition, the increased interest in the Noumbi license gives us opportunity for significant future growth in our Congo reserve.” he said.
Small entreprenuers to join business exhibition By Ricks Kayizzi THE trade minister, Prof. Edward Rugumayo, has said the Uganda Business to Business Exhibition will be extended to upcountry Small and Medium Enterprises (SME’s).
Rugumayo said the next time the show is held, Government will intervene to help manufacturers in rural areas take part.
“We are still waiting for the organisers’ proposal, then we will be able to extend some financial support to these promising manufacturers.
We hope they expand and play a bigger role in economic growth,” he said, after touring the exhibition at the Kyadondo Rugby Grounds, Lugogo, Kampala on Thursday.
Rugumayo said they are also looking at the option of merging the Business to Business Exhibition with the Jua Kali Exhibition, which brings together manufacturers from East Africa.
Published on: Saturday, 24th July, 2004
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