HERITAGE HITS MORE OIL IN IRAQ

ONE of Heritage Oil’s wells in Iraq has hit a bigger-than-expected hydrocarbon deposit, the firm said in a trading statement yesterday. Shares closed down 2.3 per cent at 367p, however, after no update was given on the company’s ongoing tax dispute with the Ugandan government. The company has set aside around $400m (£249m) in relation to the tax quarrel linked to its sale of assets to former partner Tullow.