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Times article Posted on iii....... Heritage plays long game after revealing heavy losses Tony Buckingham, the chief executive and founder of Heritage, called the deal in NIgeria "transformational and highly attractive" Tony Buckingham, the chief executive and founder of Heritage, called the deal in NIgeria "transformational and highly attractive" Juliet Samuel Published 37 minutes ago The Times 07/08/12 Heritage Oil lost $50 million in the first half of this year after it was forced to write off its exploration licences in Mali and stump up cash for a big acquisition in Nigeria. The energy company was hit by an $18.4 million (£11.8 million) impairment on its assets in Mali during the six months to June 30 after it decided to give up rights to drill in the country because of “the security situation” in the wake of a recent coup. It also incurred $18.1 million in costs from its acquisition of a huge oilfield in the Delta region of Nigeria from Royal Dutch Shell. In all, the company made a pre-tax loss of $49.9 million on revenues of $4.1 million, compared with a loss of $9.6 million and sales of $2.9 million during the first half of last year. It is carrying net debts of $22.6 million and, after $407 million of its cash was tied up in a Ugandan tax dispute, reported $34.6 million in reserve. Heritage has formally launched a $370 million rights issue and lined up $550 million in loans to fund its $850 million Nigerian venture, where it will partner Shoreline, a local power company, to increase production in the jointly owned swampland. The company also spent money this year on ramping up its operations in the Kurdish region of Iraq, where it expects to start producing 3,000 to 5,000 barrels of oil per day for “the local market”. Heritage expects to return to profit once its deal in Nigeria is completed in November, which will enable the company to start collecting huge cashflows from the Delta. It is estimated to have the potential to produce 11,320 barrels of oil per day for Heritage, compared with the 567 barrels that the company’s assets produce at the moment. Tony Buckingham, the chief executive and founder of Heritage, called the deal “the largest ever upstream asset transaction in subSaharan Africa ... The sheer size and valuation of the oilfields ... make this transaction transformational and highly attractive.”

Mmm how about bloody strong buy....................lol

Mmmm what is that all 474 pages you want me to break down......lol.... Mmmm simple ....Strong Buy.....of course only in my opinion......lol

Posted on ADVFN http://www.heritageoilplc.com/pdf/HeritageRightsIssue&ReadmissionProspectus.pdf

Hold and imo you will get a nice return sooner rather than later :)

Very likely imo........:)

Is it possible that it may turn out that there will never end up being a RI???

Afternoon mate.......all looking quite positive then .....:) KC, nice to see that you have improved with your spelling mate .....lol

Aug 6 (Reuters) - British explorer Heritage Oil Plc reported a narrower adjusted loss for the first half of the year on higher sales volume and oil prices. Adjusted loss, excluding $18 million in costs related to a proposed acquisition of oilfield assets in Nigeria, fell to $6.7 million for January-June from $6.9 million a year earlier. The company said the acquisition of 45 percent interest in a string of oilfield assets, known as OML 30, for $850 million would be completed in the second half. Net average daily production during the first half rose 35 percent to 567 barrels of oil per day. Average price per barrel rose 4 percent during the period. (Reporting by Karen Rebelo in Bangalore; Editing by Don Sebastian)

http://uk.reuters.com/article/2012/08/06/heritageoil-results-idUKL4E8J62Y620120806

That's a new key board you owe me as well now......just spat my coffee all over the place.......... ropmsl........... I am sure that their is an element of sarcasm in your post...............lol

Heritage Oil (BUY, 315p) That would be a nice start :)

lol, dam so close......I was going to go 182.25p...........lol

http://www.proactiveinvestors.co.uk/companies/news/46455/heritage-oil-production-jumps-35pct-46455.html In today’s interim report, Heritage Oil (LON:HOIL) revealed a significant increase in production and highlighted the recent acquisition of a “transformational” project in Nigeria. The FTSE 250 oil and gas group reported that its production averaged 567 barrels of oil per day (bopd) in the first half, up 35 percent from a year earlier, and reached 711 bopd in July. Heritage is currently undertaking an active work programme in the Kurdistan region of northern Iraq, where the Miran East-1 well is currently evaluating the Lower Cretaceous reservoir before drilling ahead to the main Jurassic targets The company plans to conduct an extended well test on the Miran reservoirs to sell between 3,000 and 5,000 bopd into the local market in Kurdistan. The group also said that the recently acquired OML 30 project in Nigeria should provide significant production and be cash flow generative immediately. Meanwhile, its work programme in Tanzania will continue with the acquisition of 2D seismic data, which will begin later this month. In Russia, Heritage plans to drill further horizontal wells, starting in the second half of the year.

lol, thanks mate...............so the big question................what's the open tomorrow then???

R/I price to be around 40/45% discount to TERP to be announced no later than 28th August .......

Morning mate.......

Tony Buckingham, Chief Executive Officer, commented: "We are delighted to have entered into an agreement to acquire a significant interest in the transformational OML 30 in Nigeria. OML 30 is expected to provide significant production and be cash flow generative immediately, thereby de-risking Heritage's financial profile. The recently published independent reserves report gave an economic valuation of between US$3.4 billion and US$4.1 billion, using a discount rate of 10%, for the current 2P reserves at OML 30 and our assets in Russia, highlighting the underlying value within the enlarged portfolio. "