Heritage Oil Issues Interim Management Statement

Shares in Heritage Oil Plc (LSE: HOIL), the independent upstream exploration and production company with operations in Iraqi Kurdistan (pictured), were unchanged on Wednesday following the release of its interim management statement.

Highlights

  • Rig contract to drill the Miran West-3 well in the Miran Block, Kurdistan, was signed in April and the well is scheduled to spud in July 2011
  • Exploration drilling to commence on Miran East in Q4 2011
  • 3D seismic survey over the entire Miran structure is ongoing
  • 2D seismic survey is planned to cover southern parts of the Miran Block
  • Work programmes progressing in Tanzania, Mali and Malta
  • Development scenarios are being reviewed for Kurdistan which include phased development of oil, condensate and gas to satisfy local markets/end users and address export options
  • Drilling operations have commenced on the first horizontal well in the Zapadno Chumpasskoye Field, Russia, which is expected to provide a material increase in production
  • Production in the first quarter of 2011 averaged 431 bopd
  • Share buy back programme has begun with 2,070,631 Ordinary Shares acquired to date and held in treasury
  • Arbitration proceedings have commenced in London against the Government of the Republic of Uganda (the “Ugandan Government”)
  • Annual General Meeting to be held on 20 June 2011
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