A BRITISH oil explorer has revealed a push into Libya despite ongoing uncertainty over the battle-weary country’s future.
Jersey-based Heritage Oil said it had paid about £12.6million for a 51% controlling stake in Benghazi-based Sahara Oil Services, which runs onshore and offshore fields.
The announcement came as ousted leader Muammar Gaddafi remained missing and bloodshed continued to rock the north African state.
Tony Buckingham, chief executive of UK-listed Heritage, said his firm was well placed to play a significant role in the future oil and gas industry in Libya.
Heritage, which operates in Iraq, the Democratic Republic of the Congo, Pakistan, Mali, Tanzania, Malta, Pakistan and Russia, said the stake was bought through wholly owned subsidiary Heritage Energy International.
The group, which reported a £6.2million pre-tax loss in the six months to June 30, compared with a £7.9million deficit the previous year, said it would use the Sahara Oil acquisition as a starting point for access to other opportunities in Libya.
The deal would give Heritage legitimate access to the rehabilitation of formerly state-run fields. In the past five months it has established a base in Benghazi and said it had been in discussion with members of oil-rich Libya’s interim government.