PRESS RELEASE–NEW YORK, June 07, 2006 – Nanes Delorme Capital LLC., a New York-based broker-dealer and advisory firm, said that its client, Heritage Oil Corp. (TSX: HOC) (“Heritage”), has recently executed a sale and purchase agreement with Afren PLC (FTSE/AIM: AFR) (“Afren”) for the sale of the entire issued share capital of its subsidiary, Heritage Congo Limited, for a total cash consideration of US$28 million plus 2,000,000 warrants in Afren, of which 500,000 will be issued upon the satisfaction of certain conditions.

 

Nanes Delorme Capital LLC acted as sole financial adviser to Heritage, based in Switzerland, in the transaction. The transaction is expected to close later this year, subject to certain conditions precedent, including customary governmental approvals and waiver of pre-emption rights by its partners.

 

 

“This strategic sale is consistent with Heritage’s decision to redirect its international focus to Russia and the Middle East,” said Julien Balkany, Managing Director of Nanes Delorme. “Afren’s acquisition will further expand its presence in an additional Western African country by entering some of the most promising onshore licenses in Congo, adjacent to the M’Boundi discovery, the largest onshore oilfields in the region,” he added.

 

According to Balkany, the La Noumbi Permit is part of the highly prospective and largely unexplored Congolese onshore belt linking Gabon to the north of Cabinda (Angola). “Several attractive prospects and structural leads have already been identified and mapped on this license, providing a very exciting exploration opportunity,” he noted.

 

 

Heritage is a publicly-listed (TSX:HOC) Canadian-based, independent international oil and gas exploration, development and production company with a development property in Russia, producing property in the Sultanate of Oman and exploration projects in the Republic of Uganda. Through its subsidiary KPC, the Company has entered into two MoUs with the Government of the Autonomous Region of Kurdistan, Iraq. Heritage Middle East, which is focusing on Iraq, has established an office in Amman, Jordan, which it intends to re-locate to Baghdad when the security situation permits

Afren (www.afren.com) was founded in December 2004 by a management team including Dr Rilwanu Lukman, the former Secretary General and President of OPEC, with the vision to become the leading pan African independent Exploration and Production company. Since its listing on the AIM market of the London Stock Exchange, Afren has rapidly expanded its portfolio and the management team has acquired ten assets in the Joint Development Zone of Nigeria São Tomé and Príncipe, Nigeria, Gabon and Congo.