Heritage Oil expands into Mali

by Oilweek Magazine

has acquired a 75 per cent interest in two onshore exploration licences in Republic of Mali in return for spending of between US$15 million and US$20 million on the project.

Heritage will act as operator after entering the farm-in arrangement with Mali Oil Developments SAR, a subsidiary of junior oil company Centric Energy Corp.

(TSXV:CTE).

The licences cover 72,000 square kilometres in the north African country.

The acquisition is expected to close within the next three months.

Shares in Centric rose 2.5 cents or 9.4 per cent to 29 cents on the TSX Venture Exchange. Heritage stock was down 60 cents at $56.90 on the TSX.