Heritage Oil shares halted on takeover talksElizabeth Judge and Robert Lindsay
Heritage Oil, the explorer founded and led by Tony Buckingham, a former mercenary, has received a takeover approach.
Shares in the company were suspended as it announced that it was in "preliminary discussions with a third party".
It said the talks centred on a possible merger that would be treated as a reverse takeover.
Likely candidates include a large oil company, such as BP or Shell, although other possible contenders include Tullow Oil, the group's FTSE 250 peer, and Chinese state players such as, CNOOC.
Related Links
Heritage Oil strikes big in Kurdish Iraq
Shell seeks Iraqi oil prize with Chinese
Tony Buckingham
Heritage emphasised that no agreement had been reached, but Mr Buckingham, the chief executive, who holds 33 per cent of the company, is thought to have been looking for an exit.
Last month, shares in Heritage closed up 24.9 per cent at 500p, a record high, after it made a huge oil discovery in the Kurdish region of Iraq.
Heritage said that tests completed on a well drilled in its Miran West concession revealed reserves of between 2.3 billion and 4.2 billion barrels.
The company estimates between 50 per cent and 70 per cent of the oil is recoverable, suggesting that at least one billion barrels can be brought to the surface.
Analysts concluded the find would transform the fortunes of Heritage just as Rajasthani oil made the fortune of Cairn Energy and Ghana did for Tullow.
Heritage, which at last night's close had a market capitalisation of £1.4 billion, was in talks last September to dipose of certain assets. However, the talks were terminated.
http://business.timesonline.co.uk/tol/business/industry_sectors/industrials/article6424040.ece
Heritage Oil, the explorer founded and led by Tony Buckingham, a former mercenary, has received a takeover approach.
Shares in the company were suspended as it announced that it was in "preliminary discussions with a third party".
It said the talks centred on a possible merger that would be treated as a reverse takeover.
Likely candidates include a large oil company, such as BP or Shell, although other possible contenders include Tullow Oil, the group's FTSE 250 peer, and Chinese state players such as, CNOOC.
Related Links
Heritage Oil strikes big in Kurdish Iraq
Shell seeks Iraqi oil prize with Chinese
Tony Buckingham
Heritage emphasised that no agreement had been reached, but Mr Buckingham, the chief executive, who holds 33 per cent of the company, is thought to have been looking for an exit.
Last month, shares in Heritage closed up 24.9 per cent at 500p, a record high, after it made a huge oil discovery in the Kurdish region of Iraq.
Heritage said that tests completed on a well drilled in its Miran West concession revealed reserves of between 2.3 billion and 4.2 billion barrels.
The company estimates between 50 per cent and 70 per cent of the oil is recoverable, suggesting that at least one billion barrels can be brought to the surface.
Analysts concluded the find would transform the fortunes of Heritage just as Rajasthani oil made the fortune of Cairn Energy and Ghana did for Tullow.
Heritage, which at last night's close had a market capitalisation of £1.4 billion, was in talks last September to dipose of certain assets. However, the talks were terminated.
http://business.timesonline.co.uk/tol/business/industry_sectors/industrials/article6424040.ece
3/6 2009 23:26 sailor56 0
12831 Se Bloomberg :
http://www.bloomberg.com/apps/news?pid=20601207&sid=a_uppSAZdcNY
"?This looks more like a merger to me than a takeover,? said Toby Pierce, a London-based analyst at Tristone Capital Inc., who has a ?market perform? rating on the stock. He identified Turkey?s privately owned Genel Enerji and Oslo-based DNO International ASA as possible candidates that might be interested in merging with Heritage."
http://www.bloomberg.com/apps/news?pid=20601207&sid=a_uppSAZdcNY
"?This looks more like a merger to me than a takeover,? said Toby Pierce, a London-based analyst at Tristone Capital Inc., who has a ?market perform? rating on the stock. He identified Turkey?s privately owned Genel Enerji and Oslo-based DNO International ASA as possible candidates that might be interested in merging with Heritage."
Ja og vi trænger til gode historier....men vil det betyde noget for kursen på DNO er det ikke bare flere reserver??
3/6 2009 23:35 perle 012833 Spændende om det bliver en merge med DNO
Heritage Oil in Merger Talks, Shares Suspended (Update3)
By Fred Pals
June 3 (Bloomberg) -- Heritage Oil Ltd., a U.K. explorer with a market value of 1.5 billion pounds ($2.5 billion) that operates in Uganda and the Kurdistan region of Iraq, said it’s in preliminary discussions that may lead to a possible merger.
If completed, the deal would be “treated as a reverse takeover” under U.K. listing rules, the St. Helier, Jersey-based company said in a statement today. It said it would involve the “acquisition by Heritage of a company that is not subject to the City Code on Takeovers and Mergers,” a reference to companies listed in the U.K., Channel Islands or Isle of Man.
Oil producers, seeking exploration licenses to counter dwindling reserves, are studying acquisitions as tumbling crude prices and lower equity values make assets affordable. Premier Oil Plc, the U.K. explorer with projects in Europe, Asia and Africa, bought Oilexco North Sea Ltd. for $505 million in May.
“This looks more like a merger to me than a takeover,” said Toby Pierce, a London-based analyst at Tristone Capital Inc., who has a “market perform” rating on the stock. He identified Turkey’s privately owned Genel Enerji and Oslo-based DNO International ASA as possible candidates that might be interested in merging with Heritage.
Heritage rose as much as 11 percent, or 60 pence, to 590 pence, the biggest gain in over two months. The stock was at 585 pence before trading in the shares was suspended on the London Stock Exchange as of 1:45 p.m. local time. It’s almost tripled in value this year.
‘No Assurances’
“No agreement has been reached between the third party and the company and there can be no assurances that any agreement will be reached or even if reached, that any such agreement will be completed,” Heritage said in the statement.
DNO International spokesman Ketil Joergensen said the company doesn’t comment on speculation and could neither confirm nor deny any talks with Heritage. No-one at Genel Enerji, which is part of Cukurova Holdings Group, could be reached for comment outside business hours at the company’s Ankara headquarters.
Heritage, which had a $41.3 million loss last year, sold its assets in Oman to RAK Petroleum in April for $28 million to help fund operations in Kurdistan and Uganda.
Heritage is fully funded until the middle of next year, Chief Financial Officer Paul Atherton said May 6. The company won’t make “significant profits” this year, he said, because production in Kurdistan isn’t likely until later this year.
Heritage reported a “major” oil discovery in the Miran West structure of the Kurdistan region of Iraq last month, which it said could pave the way for “transformational production rates.”
Estimated Reserves
Heritage holds a 75 percent interest in the Miran license with the rest held by Genel Energy International Ltd. Oil in place at Miran West is estimated at 2.3 billion to 4.2 billion barrels, according to the company, with a recovery factor of between 50 percent and 70 percent.
Heritage reported a “world-class” oil discovery in Uganda with Tullow Oil Plc in January that it said has “multibillion barrel potential.”
Heritage estimates that the two blocks it controls around Lake Albert contain at least 2 billion barrels of oil. It’s the operator of Block 1 and Block 3A in Uganda with a 50 percent equity interest. Tullow Oil has the remaining 50 percent.
Heritage said on Sept. 18 it had received an unsolicited approach and was in discussions with a third party on the possible disposal of “certain of its assets.” The company terminated all discussions with the third party and its advisers at the end of that month.
JPMorgan Cazenove Ltd. is a financial adviser to Heritage, whose Chief Executive Officer Tony Buckingham owns about 33 percent of the oil company.
To contact the reporters on this story: Fred Pals in Amsterdam at fpals@bloomberg.net
Last Updated: June 3, 2009 13:54 EDT
Heritage Oil in Merger Talks, Shares Suspended (Update3)
By Fred Pals
June 3 (Bloomberg) -- Heritage Oil Ltd., a U.K. explorer with a market value of 1.5 billion pounds ($2.5 billion) that operates in Uganda and the Kurdistan region of Iraq, said it’s in preliminary discussions that may lead to a possible merger.
If completed, the deal would be “treated as a reverse takeover” under U.K. listing rules, the St. Helier, Jersey-based company said in a statement today. It said it would involve the “acquisition by Heritage of a company that is not subject to the City Code on Takeovers and Mergers,” a reference to companies listed in the U.K., Channel Islands or Isle of Man.
Oil producers, seeking exploration licenses to counter dwindling reserves, are studying acquisitions as tumbling crude prices and lower equity values make assets affordable. Premier Oil Plc, the U.K. explorer with projects in Europe, Asia and Africa, bought Oilexco North Sea Ltd. for $505 million in May.
“This looks more like a merger to me than a takeover,” said Toby Pierce, a London-based analyst at Tristone Capital Inc., who has a “market perform” rating on the stock. He identified Turkey’s privately owned Genel Enerji and Oslo-based DNO International ASA as possible candidates that might be interested in merging with Heritage.
Heritage rose as much as 11 percent, or 60 pence, to 590 pence, the biggest gain in over two months. The stock was at 585 pence before trading in the shares was suspended on the London Stock Exchange as of 1:45 p.m. local time. It’s almost tripled in value this year.
‘No Assurances’
“No agreement has been reached between the third party and the company and there can be no assurances that any agreement will be reached or even if reached, that any such agreement will be completed,” Heritage said in the statement.
DNO International spokesman Ketil Joergensen said the company doesn’t comment on speculation and could neither confirm nor deny any talks with Heritage. No-one at Genel Enerji, which is part of Cukurova Holdings Group, could be reached for comment outside business hours at the company’s Ankara headquarters.
Heritage, which had a $41.3 million loss last year, sold its assets in Oman to RAK Petroleum in April for $28 million to help fund operations in Kurdistan and Uganda.
Heritage is fully funded until the middle of next year, Chief Financial Officer Paul Atherton said May 6. The company won’t make “significant profits” this year, he said, because production in Kurdistan isn’t likely until later this year.
Heritage reported a “major” oil discovery in the Miran West structure of the Kurdistan region of Iraq last month, which it said could pave the way for “transformational production rates.”
Estimated Reserves
Heritage holds a 75 percent interest in the Miran license with the rest held by Genel Energy International Ltd. Oil in place at Miran West is estimated at 2.3 billion to 4.2 billion barrels, according to the company, with a recovery factor of between 50 percent and 70 percent.
Heritage reported a “world-class” oil discovery in Uganda with Tullow Oil Plc in January that it said has “multibillion barrel potential.”
Heritage estimates that the two blocks it controls around Lake Albert contain at least 2 billion barrels of oil. It’s the operator of Block 1 and Block 3A in Uganda with a 50 percent equity interest. Tullow Oil has the remaining 50 percent.
Heritage said on Sept. 18 it had received an unsolicited approach and was in discussions with a third party on the possible disposal of “certain of its assets.” The company terminated all discussions with the third party and its advisers at the end of that month.
JPMorgan Cazenove Ltd. is a financial adviser to Heritage, whose Chief Executive Officer Tony Buckingham owns about 33 percent of the oil company.
To contact the reporters on this story: Fred Pals in Amsterdam at fpals@bloomberg.net
Last Updated: June 3, 2009 13:54 EDT
4/6 2009 13:40 cyber 012913 Der spekuleres på livet løs
Market points to Abu Dhabi in takeover talk as Heritage Oil.
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6426550.ece
Market points to Abu Dhabi in takeover talk as Heritage Oil.
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6426550.ece
4/6 2009 14:04 JCBN 012919 Dælme fristende at gå all in... men frygter jeg sidder med Sorteper i et eller andet spil! (som med GES!!!) :p
4/6 2009 22:22 cyber 012943 Spændende hvad det næste bliver....
Innlegg av: Gjest (04.06.09 20:27 ), lest 203 ganger
Ticker: DNO
DNO - de ble dyrt å holde kursen nede i dag
Hvem betaler morroa?
Skal ASK fortsette på denne måten må de begynne å spise av egen kake snart. 5,6 mill aksjer gikk med til kurspleie i dag.
Jeg hadde nettopp kjøpt mine første DNO-aksjer på 8,09, og fikk se spiken i chartet "live". I andre bølge opp på 8,30 var det dobbelt så mange kjøpere som selgere. Det som skjedde etter 8,38 er nesten det verste jeg har sett på børsen.
Fy faen for dritt!! Husa styrer denne.
Innlegg av: Gjest (04.06.09 20:27 ), lest 203 ganger
Ticker: DNO
DNO - de ble dyrt å holde kursen nede i dag
Hvem betaler morroa?
Skal ASK fortsette på denne måten må de begynne å spise av egen kake snart. 5,6 mill aksjer gikk med til kurspleie i dag.
Jeg hadde nettopp kjøpt mine første DNO-aksjer på 8,09, og fikk se spiken i chartet "live". I andre bølge opp på 8,30 var det dobbelt så mange kjøpere som selgere. Det som skjedde etter 8,38 er nesten det verste jeg har sett på børsen.
Fy faen for dritt!! Husa styrer denne.
Analytiker Trond Omdal i Arctic Securities mener en mulig DNO-fusjon med britiske Heritage ville passe godt med selskapets uttalte strategiske mål.
Britiske medier nevner det norske selskapet som en av flere potentielle partnere for Heritage, noe DNO ikke ønsker å kommentere. [ID:nL4464044]
- Grunnlaget for spekulasjonene er at DNO i sin Q4-rapport sa at de ville se på M&A i Midtøsten og Øst-Afrika, sier Omdal.
- Sånn sett passer Heritage veldig bra. De har jo store funn både i Kurdistan og i Uganda, sier Omdal.
- SÅ når de spesifikt sier at de vil se på M&A i Midtøsten og Øst-Afrika, så er det vanskelig å finne noen bedre alternativer enn Heritage, som har sine main assets i akkurat de områdene.
Selv har imidlertid Omdal liten tro på på en fusjon mellom de to selskapene.
- Man kan lett forstå spekulasjonene, men jeg tror det dreier seg om en større aktør enn DNO. Jeg tror faktisk det er større sjanser for at både Heritage og DNO kjøpes opp av større aktører, sier Omdal.
DNO-aksjen er opp 0,9 prosent til 8 kroner i 11.23-tiden torsdag.
Britiske medier nevner det norske selskapet som en av flere potentielle partnere for Heritage, noe DNO ikke ønsker å kommentere. [ID:nL4464044]
- Grunnlaget for spekulasjonene er at DNO i sin Q4-rapport sa at de ville se på M&A i Midtøsten og Øst-Afrika, sier Omdal.
- Sånn sett passer Heritage veldig bra. De har jo store funn både i Kurdistan og i Uganda, sier Omdal.
- SÅ når de spesifikt sier at de vil se på M&A i Midtøsten og Øst-Afrika, så er det vanskelig å finne noen bedre alternativer enn Heritage, som har sine main assets i akkurat de områdene.
Selv har imidlertid Omdal liten tro på på en fusjon mellom de to selskapene.
- Man kan lett forstå spekulasjonene, men jeg tror det dreier seg om en større aktør enn DNO. Jeg tror faktisk det er større sjanser for at både Heritage og DNO kjøpes opp av større aktører, sier Omdal.
DNO-aksjen er opp 0,9 prosent til 8 kroner i 11.23-tiden torsdag.
4/6 2009 22:52 perle 012945 Genel Enerji in merger talks with Heritage-sourcesBuzz up!
Digg it
Reuters, Thursday June 4 2009 LONDON/ISTANBUL, June 4 (Reuters) - Unlisted Turkish Energy company Genel Enerji is the unnamed party in merger talks with British oil explorer Heritage Oil, sources close to the situation said on Thursday.
Heritage, which has a market capitalisation of around $2.5 billion, said on Wednesday it was in merger talks with an unnamed party.
The sources said Genel Enerji was interested in working with Heritage to develop its Miran field in Iraq's semi-autonomous Kurdistan region.
(Reporting by Tom Bergin and Thomas Grove; Editing by Phil Berlowitz)
http://www.guardian.co.uk/business/feedarticle/8541803
Digg it
Reuters, Thursday June 4 2009 LONDON/ISTANBUL, June 4 (Reuters) - Unlisted Turkish Energy company Genel Enerji is the unnamed party in merger talks with British oil explorer Heritage Oil, sources close to the situation said on Thursday.
Heritage, which has a market capitalisation of around $2.5 billion, said on Wednesday it was in merger talks with an unnamed party.
The sources said Genel Enerji was interested in working with Heritage to develop its Miran field in Iraq's semi-autonomous Kurdistan region.
(Reporting by Tom Bergin and Thomas Grove; Editing by Phil Berlowitz)
http://www.guardian.co.uk/business/feedarticle/8541803
7/6 2009 16:50 collersteen 013090 Lidt mere om Genel Enerji og Heritage fra dagens Times.
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6445880.ece
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6445880.ece
9/6 2009 09:35 perle 013208 Heritage Oil vil kjøpe GenelHeritage Oil har inngått en intensjonsavtale om å kjøpe Genel Enerji.
TDN Finans
Publisert: 09.06.2009 - 08:26 Oppdatert: 09.06.2009 - 08:26
Det opplyses i en melding tirsdag.
Genel har eierandeler i felt i de kurdiske områdene i Nord-Irak.
Oppgjøret for kjøpet vil være i form av 260 millioner nye ordinære aksjer, tilsvarende 100 prosent av dagens aksjebeholdning. Genel-aksjonærene vil således få en eierandel på rundt 50 prosent i det nye selskapet. Selskapet ventes å bytte navn til HeritaGE Oil.
300 millioner fat i reserver
Kjøpet forklares med det nye selskapets portefølje, evne til å skape infrastruktur for Taq Taq- og Miran-andelene i Kurdistan, samt oppstarten av eksport fra 1. juni.
Genel er operatør av Taq Taq, med 55 prosent arbeidsandel, samt har 25 prosents arbeidsandel i Tawke, som opereres av DNO International. Genel eier også 25 prosent i Miran, der resten eies av Heritage, samt 40 prosent i Duhok, 40 prosent i Barahar og 20 prosent i Chia Surkh. Genel har også rett til å utvikle Taq Taq-raffineriet.
Selskapet venter nettoproduksjon på rundt 30.000 fat per dag, og ventes å øke til rundt 43.000 fat per dag ved utgangen av året. Selskapet estimeres å ha rundt 300 millioner fat i påviste reserver.
http://www.dn.no/energi/article1684973.ece
TDN Finans
Publisert: 09.06.2009 - 08:26 Oppdatert: 09.06.2009 - 08:26
Det opplyses i en melding tirsdag.
Genel har eierandeler i felt i de kurdiske områdene i Nord-Irak.
Oppgjøret for kjøpet vil være i form av 260 millioner nye ordinære aksjer, tilsvarende 100 prosent av dagens aksjebeholdning. Genel-aksjonærene vil således få en eierandel på rundt 50 prosent i det nye selskapet. Selskapet ventes å bytte navn til HeritaGE Oil.
300 millioner fat i reserver
Kjøpet forklares med det nye selskapets portefølje, evne til å skape infrastruktur for Taq Taq- og Miran-andelene i Kurdistan, samt oppstarten av eksport fra 1. juni.
Genel er operatør av Taq Taq, med 55 prosent arbeidsandel, samt har 25 prosents arbeidsandel i Tawke, som opereres av DNO International. Genel eier også 25 prosent i Miran, der resten eies av Heritage, samt 40 prosent i Duhok, 40 prosent i Barahar og 20 prosent i Chia Surkh. Genel har også rett til å utvikle Taq Taq-raffineriet.
Selskapet venter nettoproduksjon på rundt 30.000 fat per dag, og ventes å øke til rundt 43.000 fat per dag ved utgangen av året. Selskapet estimeres å ha rundt 300 millioner fat i påviste reserver.
http://www.dn.no/energi/article1684973.ece
Det bør vel ses som et led i en trend om at de operatører i Kurdistan nu bliver spist af de store....
Det tegner godt for DNO...ser frem imod update på torsdag..
Det tegner godt for DNO...ser frem imod update på torsdag..
9/6 2009 12:03 perle 013214 Heritage Oil presentation
http://www.heritageoilltd.com/pdf/Heritage_Oil_Presentation_09_Jun_09_FINAL.pdf
http://www.heritageoilltd.com/pdf/Heritage_Oil_Presentation_09_Jun_09_FINAL.pdf
* Heritage to merge with Genel Energy
* Creating Kurdistan focused oil company
* Shares rise 1.5 pct as suspension lifted
(Adds background, detail, share rise)
By Tom Bergin
LONDON, June 9 (Reuters) - UK-based oil explorer Heritage Oil (HOIL) said on Tuesday it had entered a preliminary deal to merge with Genel Energy International, a unit of Turkey's Cukurova Group, creating a Kurdish-focused group worth around $5.5 billion.
Heritage said in a statement that the deal would be structured as a takeover of Genel by Heritage, whereby Heritage paid with shares and Genel investors end up with around 50 percent of the enlarged group.
Heritage's shares, which were suspended last week after the company said it was in merger talks, traded up 1.5 percent at 597 pence at 0710 GMT.
Chief Financial Officer Paul Atherton told reporters on a conference call that Genel was worth around $3.3-3.6 billion, which compared with Heritage's market capitalisation of $2.4 billion before the talks were announced.
Heritage has two main assets -- stakes in oil blocks in Uganda and in Iraq's semi-autonomous Kurdistan region. Last month Heritage said a successful well in its Miran block in Kurdistan could contain up to 4.2 billion barrels of oil. [ID:nL6566213]
It said Genel has interests in a number of blocks in Kurdistan including Miran and two producing fields, Taq Taq and Tawke, and also owns the right to develop the Taq Taq Petroelum Refinery, which is due to be processing 60,000 barrels of oil a day in a phased development by 2012.
But the government in Baghdad, which is in dispute with the Kurdish regional government about oil revenue sharing, has said the licences are illegal.
The enlarged Heritage will rely on cashflow from Genel's Tawke and Taq Taq interests to fund future development of the group's fields but while oil exports from Kurdistan have started, no mechanism on paying money to oil companies has been agreed.
Atherton said he expected this soon.
Cukurova Group is one of Turkey's biggest conglomerates with interests ranging from leading mobile phone firm Turkcell, to media, construction and financial services. It is controlled by Mehmet Emin Karamehmet, one of Turkey's richest men.
Heritage was founded by Tony Buckingham, a former mercenary involved in companies which hired out military forces including Sandline. He owns a third of Heritage, according to Reuters data.
Under the proposed merger Buckingham would be the executive chairman of the combined group, to be called HeritaGE Oil Plc, with Mehmet Sepil, the current chief executive of Genel, to be CEO of the new group and Mehmet Karamehmet to be executive director. Atherton would remain as chief financial officer. (Reporting by Tom Bergin; Editing by Greg Mahlich) ((tom.bergin@reuters.com, Reuters Messaging tom.bergin.reuters.com@reuters.net +44 207 542 1029))
* Creating Kurdistan focused oil company
* Shares rise 1.5 pct as suspension lifted
(Adds background, detail, share rise)
By Tom Bergin
LONDON, June 9 (Reuters) - UK-based oil explorer Heritage Oil (HOIL) said on Tuesday it had entered a preliminary deal to merge with Genel Energy International, a unit of Turkey's Cukurova Group, creating a Kurdish-focused group worth around $5.5 billion.
Heritage said in a statement that the deal would be structured as a takeover of Genel by Heritage, whereby Heritage paid with shares and Genel investors end up with around 50 percent of the enlarged group.
Heritage's shares, which were suspended last week after the company said it was in merger talks, traded up 1.5 percent at 597 pence at 0710 GMT.
Chief Financial Officer Paul Atherton told reporters on a conference call that Genel was worth around $3.3-3.6 billion, which compared with Heritage's market capitalisation of $2.4 billion before the talks were announced.
Heritage has two main assets -- stakes in oil blocks in Uganda and in Iraq's semi-autonomous Kurdistan region. Last month Heritage said a successful well in its Miran block in Kurdistan could contain up to 4.2 billion barrels of oil. [ID:nL6566213]
It said Genel has interests in a number of blocks in Kurdistan including Miran and two producing fields, Taq Taq and Tawke, and also owns the right to develop the Taq Taq Petroelum Refinery, which is due to be processing 60,000 barrels of oil a day in a phased development by 2012.
But the government in Baghdad, which is in dispute with the Kurdish regional government about oil revenue sharing, has said the licences are illegal.
The enlarged Heritage will rely on cashflow from Genel's Tawke and Taq Taq interests to fund future development of the group's fields but while oil exports from Kurdistan have started, no mechanism on paying money to oil companies has been agreed.
Atherton said he expected this soon.
Cukurova Group is one of Turkey's biggest conglomerates with interests ranging from leading mobile phone firm Turkcell, to media, construction and financial services. It is controlled by Mehmet Emin Karamehmet, one of Turkey's richest men.
Heritage was founded by Tony Buckingham, a former mercenary involved in companies which hired out military forces including Sandline. He owns a third of Heritage, according to Reuters data.
Under the proposed merger Buckingham would be the executive chairman of the combined group, to be called HeritaGE Oil Plc, with Mehmet Sepil, the current chief executive of Genel, to be CEO of the new group and Mehmet Karamehmet to be executive director. Atherton would remain as chief financial officer. (Reporting by Tom Bergin; Editing by Greg Mahlich) ((tom.bergin@reuters.com, Reuters Messaging tom.bergin.reuters.com@reuters.net +44 207 542 1029))
18/6 2009 00:19 collersteen 013752 http://www.ft.com/cms/s/0/20d3da04-59da-11de-b687-00144feabdc0,s01=1.html
Det er åbenbart ikke tillid til fusionen og fremtiden der mangler. Det er trods alt en sjat aktier og det endda til en lille premium ift. fredagens luk står der....
Det er åbenbart ikke tillid til fusionen og fremtiden der mangler. Det er trods alt en sjat aktier og det endda til en lille premium ift. fredagens luk står der....
