Heritage farms in on two licences

Explorer Heritage Oil has picked up two new licences in Papua New Guinea, it said yesterday. The FTSE 250 firm has agreed to farm in on the two areas with LNG Energy, and will become operator with an 80 per cent interest in each licence – with around 2,200 square kilometres of acreage – in return for funding the costs of the seismic acquisition and the cost of drilling a well. Heritage will also pay $4m (£2.64m) to LNG’s past costs.