Heritage Oil Plc is an independent oil and gas exploration and production company with a Premium Listing on the London Stock Exchange (symbol HOIL) and is a member of the FTSE 250 Index. The Company has Exchangeable Shares listed on the Toronto Stock Exchange (symbol HOC) and the London Stock Exchange (symbol HOX). The Company has producing properties in Nigeria and Russia, and exploration assets in Malta, Tanzania, Pakistan and Libya.
- Shoreline Natural Resources Limited ("Shoreline"), a special purpose private Nigerian company formed between a subsidiary of Heritage and a local Nigerian partner, Shoreline Power Company Limited ("Shoreline Power"), has a 45% participating interest in OML 30, a producing oil mining licence in Nigeria, together with a 45% interest in other assets under the joint operating agreement for OML 30;
- OML 30, located onshore in the delta region, covers 1,097 square kilometres and includes eight producing fields and associated infrastructure, including an interest in a segment of the Trans Forcados pipeline;
- OML 30 has gross proved and probable reserves of 1,114 mmbbls1 of oil, estimated by independent technical consultants RPS Energy Consultants Limited ("RPS Energy").
- Net to Heritage, gross of royalty, proved and probable reserves, of 347 mmbbls2 of oil, as estimated by RPS Energy;
- In December 2012 it was announced that Shoreline Power has exercised its option to acquire a 30% economic interest in Shoreline; and
- Production for November 2012 for OML 30 was announced as 35,700 bopd gross.
1As of March 2012
2OML 30, net to Heritage, gross of royalty and assuming the exercise of the Shoreline Power option, which was announced in December 2012.
- Heritage Oil has a 95% interest in Zapadno Chumpasskoye, a development project in the West Siberian Basin of Russia;
- The field commenced production in May 2007, a total of 13 wells have been drilled on the licence including four by Heritage; and
- Production for the third quarter 2012 averaged 617 bopd, a 9% increase over the first half of the year.
- The work programme in respect of the Rukwa PSA in Tanzania, awarded in November 2011, commenced in early 2012 with reprocessing 2,300 kilometres of legacy 2D seismic data acquired from the Tanzanian Petroleum Development Corporation. The acquisition of an additional 650 kilometres of 2D seismic data to infill this legacy data has begun;
- The work programme in respect of the Kyela PSA, awarded in January 2012, commenced with the acquisition of a full tensor gravity survey which has now been interpreted. The acquisition of 100 kilometres of 2D seismic data has commenced completed and this is intended to further delineate features of interest identified in the gravity data; and
- The Company expects its assessment of the Rukwa and Kyela block's to be assisted by certain geological similarities between these blocks and the Albert Basin of Uganda, where the Company has gained previous experience and commercial success.
- Licences cover approximately 18,000 square kilometres offshore Malta;
- Heritage signed a Production Sharing Agreement ("PSA") with the Maltese Government in December 2007, for a 100% operating interest in Areas 2 and 7;
- Heritage has an extensive data set of approximately 5,000 kilometres of 2D seismic; and
- Preparations are underway to drill a high-impact well in Area 7.
Papua New Guinea
- Two licences, Petroleum Prospecting Licence No:319 ("PPL 319") and Petroleum Retention Licence No:13 ("PRL 13"), have gross areas of approximately 2,025 and 160 square kilometres respectively
- Heritage will earn an 80% working interest in each licence and be appointed operator
- The licences are located in a known hydrocarbon bearing region that includes the multi-TCF Triceratops and Elk/Antelope discoveries
- Seismic was recently acquired on PPL 319
- The work programme will be expanded with further seismic acquisition and drilling
- Heritage management believe there is additional exploration potential within both of the licences
- In November 2007, Heritage executed a PSA with the Government of Pakistan over the Sanjawi Block (number 3068-2). Heritage has a 54% interest and has been awarded operatorship. The Sanjawi Block covers 2,258 square kilometres and is situated in Zone II (Baluchistan);
- In May 2008 the Group also farmed-in to the Zamzama North Block (number 2667-8) in Zone III (Sindh). Heritage has been awarded a participating interest of 48% and operatorship of the block. This onshore exploration licence covers a gross area of 1,229 square kilometres and is adjacent to, and immediately north of, the giant Zamzama gas-condensate field; and
- Heritage has a controlling 51% interest in Sahara Oil Services Holdings Limited ("Sahara Oil") which owns the entire share capital of Sahara Oil Services Limited ("Sahara"), an oil field services company in Libya;
- Sahara has been granted long-term licences to provide full oil field services in Libya, including the ability to drill onshore and offshore and hold both oil and gas licences;
- Heritage established a base in Benghazi in the first half of 2011;
- Heritage is now also active in Tripoli and exploring ways to assist the newly appointed Interim Government (under the General National Congress elected in July 2012), the National Oil Company ("NOC") and the state oil companies;
- Work is ongoing through Sahara Oil Services with the aim of playing a key role in the substantial amounts of rehabilitation work needed to resume, maintain and increase Libya's hydrocarbon production in line with NOC and Oil Ministry targets.