April Yee
Shares of Heritage Oil, the Nigerian producer, jumped more than 22 per cent after a Qatari investment company offered to buy it for US$1.55 billion.
Al Mirqab Capital, which is controlled by the ruling Al Thani family, made the bid for Heritage at a 25 per cent premium over the company’s then share price. Since the announcement, bullish investors have pushed up Heritage share price by yesterday afternoon to nearly 313.6 pence a share, close to the 320 pence bid.
If it goes through, Qatar would get a piece of the pie of a producer whose future has also been shadowed by the North American shale revolution.
The rapid spread of hydraulic fracking in the US, which involves shooting a mixture of sand, water or chemicals into the ground, has made America a net oil-product exporter and could soon make it the world’s top oil producer, according to projections. On the gas front, companies are taking advantage of cheap feedstock to revive aged petrochemical plants and prepare the infrastructure for liquefied gas exports to Asia.
That threatens Nigeria, which counts the US among its top oil buyers, and Qatar, whose economy is built atop the world’s single biggest gasfield.
Al Mirqab is run by chief executive Jassim Bin Hamad JJ Al Thani, who also serves as the chairman of Qatar Islamic Bank, the Islamic investment bank QInvest, Damaan Islamic Insurance, and the reinsurance company Q-RE.
Heritage Oil’s prime asset is its share in the OML 30 licence in Nigeria, which currently provides about 15,600 barrels per day. Production has already climbed by about a fifth since the start of the year.
The company’s founder, Tony Buckingham, will remain a 20 per cent shareholder and advisor for five years or more after the deal, according to a statement from Heritage.
“The independent committee of Heritage’s board believes that the offer represents an attractive and certain value,” said Michael Hibberd, the chairman.
ayee@thenational.ae
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Sharad Nair recommends three investment apps for UAE residents:
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Hidden killer
Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.
The World Health Organisation estimates it affects about 30 million people each year and that about six million die.
Of those about three million are newborns and 1.2 are young children.
Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.
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Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
Monday, April 6, 7.30pm, Sharjah Cricket Stadium
The match will be broadcast live on the My Sports Eye Facebook page
Hawks
Coach: Chaitrali Kalgutkar
Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish
Falcons
Coach: Najeeb Amar
Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Black Panther
Dir: Ryan Coogler
Starring: Chadwick Boseman, Michael B Jordan, Lupita Nyong'o
Five stars
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