February 2014, Heritage Oil's stock jumped the most it had in 18 months after a report on massive production increases at the firm's OML 30 well in Nigeria, as well as the successful conclusion of tax rebate negotiations in the country. The prospect of a dividend pay-out for investors also contributed considerably to the firm's share price rise. In June 2014, the company was acquired by a fund owned by the former chief executive of Qatar's sovereign wealth fund. Operations The company is the operator and holds 50% interests in two licences in the Albert Basin of the Western Rift Valley of Uganda. Recent exploration activity has focused on the eastern shores of Lake Albert, which straddles the border of Uganda and the Democratic Republic of Congo, and Kurdistan. The company is also active in Russia, Malta, Libya, Pakistan and Tanzania. Ownership In 2006 Micael Gulbenkian stepped down from his position as CEO and Chairman of Heritage Oil. He was replaced by Michael Hibberd, who was appointed as Chairman and Tony Buckingham, who was appointed as CEO. As of 31 December 2008, Tony Buckingham owned 33.1% of the company. In 2014, Heritage Oil was acquired for $1.6 billion by Energy Investment Global, a subsidiary of Al Mirqab Capital, a Qatari investment fund. Terms of the sale included Buckingham remaining as an advisor with a 20% holding for five years. In December 2017, Naeem-Atiq Sadiq was appointed as CEO of Heritage Oil. In 2018, Heritage Oil announced the appointment of Michele Faissola as executive director. References External links Official site Non-renewable resource companies established in 1992 Companies of Jersey 1992 establishments in Jersey Oil companies