Heritage Oil Plc, (HOIL.L), an independent oil and gas exploration and production company, Tuesday reported a full year profit backed on by a gain from sale of property in Kurdistan. Offsetting the disposal, the company recorded a wider pre-tax loss for the year, reflecting acquisition expenses for the year.
For the full year, the company recorded net income of $28.6 million or $0.11 per share compared with net loss of $66.8 million or $0.25 per share last year. The company recorded loss from continuing operations before tax of $182.1 million compared with $62.8 million last year.
The company gained $210.9 million from the disposals of discontinued operations.The company incurred acquisition related expenses of $72.3 million for the year for acquiring an interest in OML 30, Nigeria. The acquisition generated net revenues of $234.5 million to Heritage. Average gross production from OML 30 has been 20,350 bopd since the acquisition.
The company recorded petroleum revenues of $8.8 million compared with $9.03 million last year.
The company intends to further increases in production from OML 30, with key items of equipment having been identified and ordered. Heritage also continues exploration activity in Tanzania following initial promising results and first drilling slated for 2014.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.