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Tuesday, November 17, 2009
Heritage Oil issued its Interim Management Statement covering the period between July 1 and November 16. In the statement the company offered information on its upcoming exploration activities in Uganda.
Heritage said that in 2010 it will recommence its high-impact six-well exploration and appraisal program on Block 1. The program will target the Buffalo East, Crocodile, and Leopard prospects. The company said that the campaign has the potential to add significantly to both the proven and contingent volumes of the Block 1.
Site preparation work has already begun for well locations.
On Block 3A the company is targeting the Pelican and Crane prospects in Lake Albert. Drilling is expected to commence in 2010.
Heritage is planning for early commercialization of the Ugandan oil resources, with potential first production in 2011, and discussions with the government of Uganda are in progress. Heritage’s Ugandan oil production from Blocks 1 and 3A will form part of a phased development plan for the region, which will focus initially on the development of the Kingfisher Field and will utilize the existing railway network in East Africa. An export pipeline to the coast is also being considered by Heritage, as well as a scheme to service local markets. A number of parties have approached Heritage with a view to financing large scale infrastructure programs in Uganda and discussions with these parties continue.
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