LONDON, UNITED KINGDOM--(Marketwired - June 12, 2013) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Heritage Oil Plc (News - Market indicators)(LSE:HOIL), an independent upstream exploration and production company, issues an update regarding production levels in OML 30, Nigeria.
Gross production from OML 30 has returned to rates of over 35,000 bopd and all of the key fields are in production. The temporary factors which caused lower than expected production levels over the first quarter have been successfully addressed.
Work is underway with the objective of optimising existing facilities, including gas lift, which will enable production rates to increase in line with management forecasts during the remainder of the year. It is expected that, as previously announced, 2013 gross production from OML 30 will average 35,000 bopd. The drilling of new wells, planned to commence in the second half of 2014, should provide a significant increase to production with the longer term potential estimated at approximately 300,000 bopd gross. Infrastructure is in place with capacity of 395,000 bpd.
Separately, engagement with the local communities and the establishment of a long term Global Memorandum of Understanding with them is continuing.
Tony Buckingham, Chief Executive Officer, commented:
"We are delighted that production levels are back over 35,000 bopd gross for the licence and that the issues encountered earlier in the year have been resolved. The work schedule is progressing in line with our update last month and we are on track to meet our production target for the full year."
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 (News - Market indicators).
- Heritage is an independent upstream exploration and production company engaged in the exploration for, and the development, production and acquisition of, oil and gas internationally.
- Shoreline Natural Resources Limited is a private limited Nigerian company established by Heritage (through a wholly owned subsidiary) and Shoreline Power Company Limited and has a 45% interest in OML 30 with National Petroleum Development Company holding the remaining 55% interest.
- Heritage has producing assets in Nigeria and Russia and exploration assets in Tanzania, Papua New Guinea, Malta, Libya and Pakistan.
- All dollars are US$ unless otherwise stated.
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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 dated 6 August 2012, as supplemented by a supplementary prospectus dated 23 August 2012, 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.
