Heritage Oil (HOIL) is no stranger to risk - it has producing operations in Nigeria and Russia, after all, as well as exploration assets in Malta, Tanzania, Pakistan and Libya - so investors shouldn't have too many qualms with the company's recent decision to farm in to two licences onshore Papua New Guinea (PNG).
IC TIP:
Buy
at
177.8p
Heritage can earn an 80 per cent interest in the licences from LNG Energy by paying $4m (£2.6m) in back costs, funding further seismic surveys and drilling an exploration well.
PNG is better known as a mining jurisdiction - several of the world's biggest gold miners have operations there - but it has oil, too. Commercial production from the country's first oilfield commenced in 1992.
