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European gas confirms offer for Heritage Petroleum


18 Dec 2006

The boards of European Gas and Heritage have today announced that agreement has been reached on the terms of a recommended share and cash offer, to be made by Ambrian, for the entire issued and to be issued ordinary share capital of Heritage. The Heritage Directors and certain other Heritage Shareholders in aggregate holding a total of 36,725,223 Heritage Shares, representing 68.5% of the issued ordinary share capital of Heritage, have irrevocably undertaken to accept the Offer. The Offer values the fully diluted ordinary share capital of Heritage at approximately £10.9 million and represents a premium of 15.8% to the Heritage share price, each as at 11 October 2006 (being the date that the respective Boards of Heritage and European Gas announced that they were in preliminary discussions regarding a possible merger of the two companies), and a premium of 54% over the weighted average price for a Heritage Share in the previous six months.




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