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Thursday, February 27, 2014
OML 30 in Nigeria’s Niger Delta saw its production increase according to one of the partners on the acreage, Heritage Oil. Year to date production from OML 30 has averaged approximately 15,600 bpd net to Heritage, 17% higher than in Q4 2013.
The company reported that so far this year it has seen three liftings and it expects to see this amount of liftings month on month going forward.
Installation of gas compressors, refurbishment of equipment, statutory inspection and testing of all pressure vessels, and inspection of all wellheads and pipelines continue to support well optimization. This should result in further increases in production. Commencement of development drilling remains on track for H2.
Heritage also commented on Shoreline Natural Resources’ tax status saying that it had been in discussions with relevant government departments in Nigeria about its tax status. Post period-end these discussions concluded successfully. Shoreline and Heritage are currently quantifying the impact and expect the benefit of this to be recognized in the 2013 year-end results.
As previously announced, Shoreline Power Company exercised its call option to acquire a 30% economic interest in Shoreline. Completion of the transaction is expected imminently, following which Heritage will have an effective working interest in OML 30 of 30.71%. On completion, Heritage will receive cash of $31.5 million and the balance will be provided by way of an interest bearing, secured loan from Heritage to Shoreline Power.
Tony Buckingham, CEO, commented: “OML 30 operations are progressing in line with expectations, providing significant revenues and cash flow to Heritage which should enable the Company to achieve its goal of paying a sustainable dividend stream to shareholders. Our interest in OML 30 will be used as a platform to grow and obtain additional interests in Nigeria and in other core areas.”
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