21 August 2012 – disposal
The oil company has announced the sale of an interest in the Miran Block in Kurdistan, Iraq to Genel Energy for total proceeds of $450m in a rather complicated transaction. The sale may mean that the proposed rights issue to fund the development of the large oilfield in Nigeria which we have referred to previously (2 July) may no longer be required. The news has gone down well with investors who have pushed the share price up by almost 22% today. Investors who followed our tip to buy at 138.1p in April may want to bank some profit and TOP SLICE their holdings.