Heritage Oil to move head office move to Jersey
CALGARY, Alberta Feb 22 (Reuters) - Heritage Oil Corp (HOC.TO) said on Friday it plans a corporate reorganization that will move its head office to Jersey, in the Channel Islands, from Calgary, Alberta, in an effort to boost its profile with European investors.
The company, which explores for oil in Africa, Iraq, Russia and elsewhere, said it will change its name to Heritage Oil Ltd, delist its Toronto Stock Exchange shares and seek to list its shares on the London Stock Exchange.
The existing shares will be split 10-for-1 after the LSE move, Heritage said in a release.
The company said it believes the move will raise its status among European investors and the international oil and gas sector, and increase the liquidity of its stock.
A shareholders meeting will be held next month to seek approval of the switch.
Heritage shares fell 15 Canadian cents to C$41.95 on the Toronto Stock Exchange on Friday. The stock has gained 25 percent over the past 12 months.
($1=$1.01 Canadian) (Reporting by Scott Haggett; Editing by Peter Galloway)
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