Heritage Oil Plc

Heritage Oil Plc

August 04, 2011 08:43 ET

Heritage Oil Share Buy Back Programme

LONDON, UNITED KINGDOM--(Marketwire - Aug. 4, 2011) -


Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, announces that under the terms of the non-discretionary trading plan, announced on 1 July 2011, its share buy back programme continues over and above the initial amount of $100 million (the "Initial Amount").

On 26 April 2011, the Company announced a buy back programme to acquire Ordinary Shares. The Company has since spent the Initial Amount acquiring Ordinary Shares, but has not as yet reached the maximum buy back authority as specified within the resolutions passed at the last Annual General Meeting ("AGM") on 20 June 2011.

It was announced on 1 July 2011 that the Company had put in place a non-discretionary trading plan for the purchase of its Ordinary Shares during a regulatory black-out, including inter alia, until the announcement of the 2011 interim results. The Ordinary Shares to be purchased on behalf of the Company are to be held in Treasury.

The trading plan allows for the continuation of the buy back programme during the regulatory black-out. Without putting in place such a trading plan, the buy back programme would have had to have been halted until the regulatory black-out was lifted. The repurchases are being managed during the regulatory black-out by an independent third party which makes its trading decisions in relation to the Company's securities independently of, and uninfluenced by, the Company. The Company remains in black-out and this non-discretionary trading plan remains in place.

Any purchases pursuant to these arrangements are effected during the regulatory black-out within certain pre-set parameters and in accordance with the Listing Rules, other applicable law and the limitations of the buy back authority approved at the last AGM.

Notes to Editors

  • Heritage is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 Index. The trading symbol is HOIL. Heritage has a further listing on the Toronto Stock Exchange (TSX:HOC).
  • Heritage is an independent upstream exploration and production company engaged in the exploration for, and the development, production and acquisition of, oil and gas in its core areas of Africa, the Middle East and Russia.
  • Heritage has a producing property in Russia and exploration projects in the Kurdistan Region of Iraq, the Democratic Republic of Congo, Malta, Pakistan, Tanzania and Mali.
  • The buy back programme does not obligate Heritage to acquire any particular amount of shares.

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Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding production estimates and future plans and objectives of Heritage – constitute forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves and recoveries; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties as disclosed under the heading "Risk Factors" in its Prospectus and elsewhere in Heritage documents filed from time-to-time with the London Stock Exchange and other regulatory authorities. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.

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