Heritage posts underlying loss

Heritage Oil reported a $1.2bn (£730m) net profit yesterday, thanks to the sale of its Ugandan assets for $1.45bn in cash. The oil explorer posted a $44.2m loss from continuing operations before tax – a larger loss than last year due to a $10.5m hit from fruitless exploration costs. Daily production increased by 65 per cent to 542 barrels of oil per day in 2010.