Another newcomer to the main market...anybody any idea what the production figures are ?

EVOLUTION COMMENTS: "The risk for E&P investors is that a company decides to take on complicated and expensive development projects and destroys value in the process. Heritages exit from Uganda prior to this stage then is strategically sound and has been achieved at a fair price. In addition, the deal demonstrates the undervaluation the market has been applying to Heritages Kurdistan interests. At 580p/share we believe their value is worth over 3x the implied deal value of just 186p/share
DETAILS Heritage has agreed to sell its 50% interests in Block 1 & 3A in the Lake Albert Basin to Eni for $1.35bn in cash and a deferred consideration of $150m subject to certain criteria. The deal has been backed by the Ugandan government and is expected to complete in 1H 2010. The funds will be used to progress development and exploration of the remaining assets, make selective acquisitions with a special dividend of between 75p-100p also under consideration. Talks with Genel have been terminated.

VALUATION AND RECOMMENDATION We retain our target price of 900p."

Article in this morning's Daily Mail....rumour that ENI the Italian Oil giant to buy all of Heritage's Ugandan oil assets.....with completion as soon as today !.

market says hahaha!

To get that out to print they must have known about it a lot earlier than anybody else,......lot of changes in the Kurdistan oil world at the moment.

GKP, HOIL, ans SEY should all be valued at least 50% - 75% more, if they did not have to tolerate the idiots in Bagdad. Maybe the Bagdad Ministers etc are waiting for and expecting some " baksheesh ", which as we all know is the usual thing for sweetening deals in the middle east ?
I know I have worked there and paid it out on behalf of the company I worked for.

see GKP post

If they are going to return cash to shareholders : it will be one hell of a dividend....with tax to pay on it....better of with a share buyback or a takeover bid for Gulfkeystone.

I'm always happy to pay tax - the more I can pay the better.

Yes....but the sp will drop when it goes exdividend.....and many a time the sp takes ages to come back......if I was HOIL : I would retain some serious working capital, it will be needed.

long article intoday's FT that is well worth reading .... i assume it's in london FT as have only seen the international edition here

Heritage Oil & Gas is selling its 50% interest in Blocks 1 and 3A in Uganda to Eni International.
Heritage will receive $1.35bn in cash and a further contingent, deferred consideration of $150m in cash or an interest in a mutually agreed producing oil field independently valued at a similar amount.

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TLW have pre-emption rights on these blocks and it will be interesting to see if they exercise same .... they merely(!) have to match ENI's price

The Iranians have taken a well from Iraq, down in the south.....perhaps they could pretend to be at war and get the price of oil rocketing once again.

the story seems to be true, but it does rather feel like "Small earthquake in Chile; few injured" ..... though oil price is up a bit, it's hardly dramatic .... ditto the rise in gold, considering its recent retrenchment ..... and Dow has shrugged its shoulders

the "kids" in Iran are obviously trying to provoke a reaction to divert attention away from their internal problems, you really can't take this bunch of "gangsters" seriously.

This is looking quite good and I presume that an update is not far away.

Tremendous news on 2 fronts today !...why the sp knock down ?.

prob because the miran2 well extension will not be done until later this year, so immediate excitement is now over

the gov't approval of their sale is no news

Ridiculous drop....more oil than predicted plus 10000 barrels production per interval, deeper drilling for more discoveries plus Ugandan sale to be completed within 2 months and the stock slumps....I don't get it....

I would have put the sp up...not down on the future production figures...

XXXX&^%*(!)$$$---------minus,minus,minus...grrrrrr....dry well ?, no of course not : discovered more ! oh ! let's drop the sp then...makes sense....the world's gone nuts....