After last week’s frenzied speculation as to which company was planning to take over Heritage Oil, it is believed that the company is in talks with Turkish oil company, Genel Enerji about an all share merger.
The move could see the new company become a major player in the Kurdistan Region of Iraq. Heritage Oil and Genel Enerji share a concession for the Miran West field in the area. It is believed that the field could hold up to 4.2 billion barrels.
Leading industry analyst Samuel Ciszuk from IHS Global Insight believes that Heritage Oil’s investment in high risk exploration and development in both Iraqi Kurdistan and the African state of Uganda is now starting to pay off.
Geographically and economically speaking Heritage Oil’s holdings in Africa and the Middle East would make them an interesting merger or acquisition target,” Cisnuk told ArabianOilandGas.com.
Shares in Heritage Oil were suspended last week.
