Exploration company
Heritage Oil has rejected a £1.2 billion ($1.9 billion) takeover approach from
a Middle Eastern company.
The Abu Dhabi-based suitor, whose name was not known,
recently sent Heritage a letter offering to pay 425 pence per share. Heritage
stock looked cheap following news on 26 January. Heritage found gas but not oil
in the Miran West field, Kurdistan region of Iraq.
Whenever a company has been hit to the extent that Heritage
has been hit recently then the perception of cheapness makes them look
attractive. Emerging speculation suggest there could be one more company (possibly
Chinese) were considering making an approach worth around 600 pence per share.
Kurdistan Region of
Iraq
The Miran West-2 well is being drilled to encounter the
deeper exploration objectives in the underlying
Jurassic and Triassic structures which have the potential to contain
substantial quantities of hydrocarbons.
The well has been re-engineered and it is
expected that the deepening of the Miran West-2 well to 4,600 metres
will complete during the third quarter of 2010.
Other Operations
336 kilometres of 2D seismic has recently been acquired on
the Zamzama North Block in Pakistan, here
a number of structural leads have already been mapped. Work programmes across the portfolio are
progressing with wells planned in Malta, Russia and Pakistan for the second
half of 2010.
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