Oil and gas explorer, Heritage Oil, has rejected an informal takeover bid that it received from a Middle Eastern company, Financial Times reports. The unnamed bidder offered to pay 425 pence per share for the company. The offer, which would value the company at £1.2 billion, was considered too low. Any potential bidder for Heritage is required to invest substantial sums in the Miran West gas field, which is costing the company £1.4 billion.

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