09:39 AM EST - Heritage Oil Limited : has entered into a non-binding Memorandum of Understanding, or MoU, with Genel Enerji A.S. The proposed acquisition would be paid for wholly in new shares of Heritage and would result in Genel shareholders owning approximately 50 per cent of the enlarged ordinary share capital of Heritage. It is anticipated that following the Proposed Acquisition, the company, as enlarged by the acquisition of Genel will be re-named HeritaGE Oil plc. Heritage will issue 260 million ordinary shares, constituting 100 per cent of the current issued share capital of Heritage, in exchange for acquiring the entire share capital of Genel. Heritage's management believe that the Proposed Acquisition will offer considerable shareholder value as it will create a prominent Main Market London listed production company. Heritage Oil Limited
shares T.HOC are trading even at $11.62.
