HERITAGE OIL is understood to be in talks with Genel Enerji, the Turkish oil company controlled by Turkey’s richest man, Mehmet Emin Karamehmet.
A deal with the millionaire, which follows frenzied talks over who would take over the FTSE 250 company, could see Karamehmet become a major shareholder, turning Heritage into a major player in Iraqi Kurdistan.
A takeover would mark a new beginning for the company, which is run by controversial figure Tony Buckingham.
Buckingham is in talks with Karamehmet about an all-share merger.
Cukurova Group, the company which deals in media, cars and shipping, owns Genel.
An announcement is expected later this week.
Buckingham had links to mercenary organisations, including Executive Outcomes. Such companies call themselves private military contractors (PMCs).
He says he has not been involved in military or security work since the late 1990’s, and is focused on Heritage.