Revenues soar at Heritage Oil

Suzie Neuwirth
HERITAGE Oil’s shares jumped ten per cent yesterday, after the oil explorer announced a huge increase in revenues and output.

The FTSE 250 company posted revenues of $236.2m (£155m) in the first quarter, compared to $2.3m the previous year, and production of 7,373 bopd (barrels of oil per day) compared to 605 bopd in 2012.

“Heritage achieved a transformational increase in production and revenue following the acquisition of an interest in...Nigeria,” said chief executive Tony Buckingham.