views

Heritage Oil shares halted as it admits to takeover talks

David Hellier
Follow David
UK-BASED oil explorer Heritage Oil&nbsp; is in early-stage merger talks, it said yesterday, after its shares were suspended.<br /><br />The group, which made a significant oil find in Uganda earlier this year and has potential for development in a Kurdish region of Iraq, said it was in talks with a third party about a possible reverse takeover.<br /><br />Heritage, which moved its main listing to London last March, has a market capitalsiation of around &pound;1.5bn.<br /><br />The group was founded by Tony Buckingham, who now has a shareholding of around 33 per cent.<br /><br />JPMorgan Cazenove&rsquo;s Ian Hannam, the doyen of the resources sector in the City, is advising the company. Heritage held abortive talks last September with an unidentified third party over the sale of&nbsp; assets.<br /><br />Analysts said the potential suitor was likely to be a private company, probably from overseas.<br />