Heritage Oil announced plans to spend US $850 million for a 45% interest in the OML 30 oil mining lease in Nigeria.

The vendors of the proposed acquisition assets are the Shell Petroleum Development Co. of Nigeria Ltd., Total E&P Nigeria Ltd., and Nigerian Agip Oil Company Ltd., which each owning participating interests of 30%, 10%, and 5% in the acquisition assets, respectively. The remaining 55% participating interest is held by the Nigerian National Petroleum Corp.

OML 30, located onshore in the delta in Nigeria, includes eight producing fields and associated infrastructure, including a segment of the Trans Forcados pipeline.

The proposed acquisition represents a significant opportunity for Heritage to achieve a material change in production and reserves.

Management estimates that OML 30 has gross proved and probable reserves of 707 million barrels of oil and 2.5 trillion cu ft gross reserves of gas.

The proposed acquisition provides Heritage with exposure to Nigeria, which is reported to contain the second largest proved reserves in Africa, and provides further growth opportunities in a prolific hydrocarbon region.