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Heritage Oil shares leap after buyback

By Daily Mail Reporter
Updated: 05:34 EDT, 27 April 2011

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Heritage Oil has boosted the value of its shares by more than 6% after launching a £60m share buyback programme.

The oil explorer's stock has been hit by a £190m lawsuit from former partner Tullow and the discovery of a gas field in Kurdistan that had been thought to contain more lucrative oil reserves.

But the buyback launch saw shares in Heritage jump 12.9p to 257.2p, while the firm could receive a further shot in the arm if it can reclaim £245m tied up by its tax dispute with Tullow.

Heritage said it was also hoping for a production increase at one of its Russian fields.

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