Heritage Oil Shares Holding Firm on Rumours

Heritage Oil has held the 10% gain in its share price, following the report in the Thursday’s  Financial Times that the company had received a informal takeover offer from an un-named Abu Dhabi-based company.

The company has not commented on these latest rumours, and is understood to have rejected the offer, which would value the company at around $2 billion, a premium of 45% on Wednesday’s closing price.

The shares had fallen heavily in January when the company discovered a significant gas find at its Miran West 2 well in the Kurdistan region of Iraq, instead of the hoped-for oil deposits.

(Source: Financial Times, Telegraph)

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