Heritage Oil reports big increase in production from OML 30

Heritage Oil10 January 2014, Lagos – Heritage Oil Plc Thursday said oil production at its OML 30 licence in Nigeria vastly increased in its fourth quarter.

The exploration and production oil and gas company said daily production from the OML 30 licence had reached over 50,000 barrels of oil per day, while average net production for the fourth quarter as a whole increased to 13,300 barrels of oil per day from an average of 8,150 barrels per day for the first nine months of 2013.

According to Alliance News, the company said there were four liftings during the fourth quarter generating net revenues to Heritage of roughly USD170 million, while total revenues net to Heritage in the full year 2013 were roughly USD465 million.

Heritage said Shoreline Power Company Limited was in the final process of an option to acquire a 30 per cent economic interest in Shoreline Natural Resources, a joint venture partnership which has an interest in the OML 30 licence and is part owned by Heritage, with a cash consideration of USD31.5 million expected to be received shortly.

Following the option, Heritage will have a 30.71 per cent working interest in the OML 30 site, which it first acquired in July 2012.

The company also said its exploration portfolio is expected to increase over 2014 with a multi-well drilling campaign planned to begin in the summer for Papua New Guinea and Tanzania.


– This Day

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