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Qatar’s Al Mirqab makes $1.55 bn cash offer for Heritage Oil

WILL KENNEDY

CALGARY, Canada (Bloomberg) -- Al Mirqab Capital SPC, a company controlled by Qatar’s royal family, made a cash offer valuing Heritage Oil Plc at 924 million pounds ($1.55 bn).

The offer of 320 pence a share, recommended by Heritage’s board, is a 25% premium to yesterday’s closing price, Heritage said today in a statement. Heritage today reported a profit of $100.4 million for 2013 on sales of $431.9 million.

Heritage holds stakes in onshore oil fields in Nigeria and exploration rights in Papua New Guinea. Tony Buckingham, the company’s founder and CEO, will retain a 20% holding and serve as an adviser for at least five years.

“The independent committee of Heritage’s board believes that the offer represents an attractive and certain value,” Heritage Chairman Michael Hibberd said in the statement.

The shares jumped as much as 23% to 317.9 pence in London intraday trading, the most since Aug. 8, 2012, and changed hands at 313.2 pence as of 10 a.m. local time.

Heritage and its local partner are developing the OML 30 block in Nigeria, where production has reached more than 50,000 bpd, the company said today.

04/30/2014

 

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