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Epic HOIL
Time: 15:55:06
Mid Price: 506.50
Change Today: 22.80 Ascending
Change % Today: 4.71 Ascending
Fifty Two Week High: 603.00
Fifty Two Week Low: 216.75
Market Capital: 1442.73
Period & price data
Period Price
Now: 506.50
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: TSX, AIM
Sector: Energy
Epic: HOIL
News: Latest news
Web Site: Heritage Oil
Other Articles: 23-11-200917-11-200917-08-2009

Crude Oil

Heritage Oil

Heritage Oil's strategy is to acquire and invest oil and gas properties throughout the world, with a particular emphasis on Africa, the Middle East, Russia, and the CIS.  The company currently has interests in Russia, Uganda, Oman, Iraq, The Democratic Republic of Congo, Mali, Malta, Pakistan and Tanzania.

 

 

Tuesday, November 17, 2009

Heritage Oil Eyes Upcoming High-impact Multi-well Drilling Programmes in 2010

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In an interim management statement, Heritage Oil (LSE: HOIL) said that it’s upcoming ‘high-impact multi-well’ drilling programmes in Kurdistan and Uganda represents its ‘busiest period ever’.  During the period, at the company’s only producing asset in Russia, production increased by 83% from the first half, to an average of 422 barrels of oil per day (bopd).


Heritage has a strong cash position of US$222 million, which the company believes is sufficient for current planned work programmes in 2010.


The 2010 programme in Uganda consists of a six well, exploration and appraisal programme which will target the Buffalo East, Crocodile and Leopard prospects. According to Heritage, the campaign has the potential to add significantly to both the proven and contingent volumes of oil in ‘Block 1’.


Also in 2010, Heritage is planning for early commercialisation of its Ugandan oil resources, the company anticipates the potential first production in 2011. According to Heritage, its Ugandan oil production from Blocks 1 and 3A will form part of a phased development plan for the region, with an initially focus on development of the Kingfisher Field and the utilisation of the existing railway network in East Africa.


The company is also considering the development of an export pipeline to the coast, as well as a scheme to service local markets. Heritage said that a number of parties have approached them with a view to financing large scale infrastructure programmes in Uganda, discussions with these parties are said to continuing.


Elsewhere in the Kurdistan Region of Iraq, Heritage are scheduled to commence appraisal drilling on Miran West structure, further appraisal and development drilling is also planned in 2010. Also in Kurdistan, exploration drilling on the neighbouring Miran East structure planned for 2010.


In reference to the company’s proposed merger with Genel Enerji, discussions are continuing with the terms of the merger nearing formal agreement. Heritage said that both sides remain committed to completing the proposed transaction. It is hoped that the implementation agreement can be signed and the prospectus published before the end of the year.


Genel is a private exploration and production company which is 56% owned by Turkey’s largest industrial and commercial conglomerate, Cukurova Holding Group. Genel holds varying interests in four licences in Kurdistan plus a 55% working interest in the Taq Taq oil field, a 25% working interest in the Tawke Oil Field, and owns the rights to develop the Taq Taq Petroleum Refinery.

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