SHARE

Qatar’s royal family controlled Al Mirqab Capital SPC has made a cash offer for Heritage Oil at a valuation of $1.55 billion.

Heritage Oil is traded on the London Stock Exchange.

The offer of 320 pence a share was recommended by Heritage’s board as was a 25 percent premium on yesterday’s closing price, Heritage said today in a statement.

Heritage reported profits of $100.4 million on sales of $431.9 million for 2013.

The company’s founder and CEO Tony Buckingham will retain 20 percent equity, and serve as an adviser for at least five years.

Heritage Chairman Michael Hibberd said , “The independent committee of Heritage’s board believes that the offer represents an attractive and certain value.”