Heritage Oil spuds Warthog-1 exploration well and Kingfisher-3 appraisal well in Uganda
Posted on September 30, 2008 – 11:40 am | by oilandgaspress.com
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CALGARY, Sept. 30 /CNW/ - Heritage Oil Limited, an independent upstream exploration and production company, announces that it has commenced drilling the Warthog-1 exploration well in Block 1, Uganda and the Kingfisher-3 appraisal well in Block 3A, Uganda.
Highlights
- Warthog-1 is the first well to be drilled in Block 1, Uganda, and is
part of a three well exploration programme to be drilled back to back
before the year-end
- Recent discoveries by the Kasamene-1 and Kigogole-1 wells in Block 2,
in close proximity to the Block 1 boundary, substantially lowers the
exploration risks in Block 1
- Potential for the Warthog prospect to be part of the same structure
as Kasamene
- Kingfisher-3 and its planned sidetrack Kingfisher-3A in Block 3A,
Uganda, will appraise the southern extent of the Kingfisher discovery
and gather critical reservoir data
Drilling Activity - Block 1, Uganda
The Warthog-1 exploration well is being drilled to an anticipated depth of approximately 1,000 metres and is expected to take less than one month to complete. The discovery in the Kasamene-1 well in Block 2, which encountered a reported net oil column of 31 metres in a gross interval of 75 metres, has significantly lowered the exploration risk of Warthog and other prospects in Block 1. Kasamene-1, located approximately 2.5 kilometres from the Block 1 border and approximately 5 kilometres southwest of the Warthog-1 well, appears to have been drilled on the same structural trend as Warthog. This trend also contains encouraging seismic amplitude anomalies at reservoir level and can be traced northeast from the Kasamene discovery through the Warthog, Giraffe and Buffalo prospects.
Both the Buffalo and Giraffe prospects were assessed independently by RPS Energy, as at 30 September 2007, to have mean gross un-risked prospective resources of 420 and 89 million barrels of oil respectively. The Warthog prospect was mapped after RPS Energy issued its report. Management considers the Warthog prospect could be a similar size to the Giraffe prospect.
Drilling Activity - Block 3A, Uganda
Kingfisher-3, and its planned sidetrack Kingfisher-3A, are being drilled to an anticipated depth of approximately 3,270 metres and 2,860 metres respectively and are expected to take between four and five months to complete. The objectives of the wells are to appraise the southern extent of the field whilst gathering critical reservoir data. Management intends to suspend the Kingfisher-3A well as a third future producer alongside the previously suspended Kingfisher-1 and Kingfisher-2 wells. The Kingfisher discovery has proved to be a great success with production tests from Kingfisher-1 and Kingfisher-2 of 13,892 bopd and 14,364 bopd respectively. The discovered oil is good quality, light (between 30 and 32 degrees API) and sweet with a low gas-oil ratio and some associated wax.
Upcoming Exploration Activity in Uganda
Country Block Prospect Interest Spud Date
Uganda Block 1 Buffalo 50% Q4 2008
Uganda Block 1 Giraffe 50% Q4 2008
Tony Buckingham, CEO, commented:
”We have commenced our busiest and most exciting drilling programme in Uganda since Heritage commenced operations in the Albert Basin in 1997. The multi-well exploration program in Block 1 together with the Kingfisher-3/3A appraisal wells in Block 3A, have the potential to achieve the commercial threshold for the development of our reserves in Uganda, which will transform the Company and allow us to proceed with the early development of the Albert Basin.”
Heritage is the Operator of Block 3A and Block 1 in Uganda with a 50% equity interest in the licences with Tullow Oil Plc holding the remaining 50% interest.
Notes to Editors
- Heritage is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 Index. The trading symbol is HOIL. Heritage has a further listing on the Toronto Stock Exchange (TSX: HOC).
- Heritage is an independent upstream exploration and production company engaged in the exploration for, and the development, production and acquisition of, oil and gas in its core areas of Africa, the Middle East and Russia.
- Heritage has producing properties in Oman and Russia and exploration projects in Uganda, the Kurdistan Region of Iraq, the Democratic Republic of Congo, Malta, Pakistan, Tanzania and Mali.
FORWARD-LOOKING INFORMATION:
Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Heritage - constitute forward-looking information that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves and recoveries; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties as disclosed under the heading “Risk Factors” in its Prospectus and elsewhere in Heritage documents filed from time-to-time with the London Stock Exchange and other regulatory authorities. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.
For further information: Heritage Oil Limited, Tony Buckingham, CEO, Paul Atherton, CFO, +44 (0) 1534 873 000, +41 91 973 1800, (403) 234-9974,info@heritageoilltd.com; Heritage Oil Limited - Investor Relations, Tanya Clarke, +44 (0) 20 7518 0838, tc@heritageoilltd.com; Bell Pottinger Corporate & Financial - PR - Europe, Nick Lambert, Andrew Benbow, +44 (0) 20 7861 3232, NLambert@bell-pottinger.co.uk, ABenbow@bell-pottinger.co.uk;
CHF Investor Relations - Investor Relations - Canada, Cathy Hume, Lindsay Carpenter, (416) 868-1079 x231, x239, cathy@chfir.com, lindsay@chfir.com
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