Heritage losses widening

Oil explorer Heritage yesterday reported widening losses at the company. The loss rose to $63m (£39.3m) in 2011 compared to $44.2m the previous year. The company said it had upped its capital expenditure to $134.9m from $119m. However the company still has a cash pile of $311m. Chief executive Tony Buckingham said: “2011 has been a year in which we have enhanced the asset portfolio through the addition of acreage, investing in opportunities and through existing work programmes. We currently have two rigs drilling in Kurdistan and are reviewing results from seismic campaigns that could provide future growth in the portfolio. We are looking to further develop the existing portfolio and continue to look for value generating opportunities.”