Heritage Oil Provides Uganda Work Program Update

abarrelfullabarrelfull wrote on 21 Aug 2012 08:38

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March 23 2006

Heritage Oil Corporation (TSX: HOC) today announced that the Company will be drilling the Kingfisher-1 exploration well in its Block 3A permit in Uganda. The Kingfisher-1 well is expected to spud this summer and will be the first of an initial two well program in Block 3A. Two rigs are currently available in the area and much of the consumables are already in-country. The Kingfisher prospect extends out into Lake Albert, but can be conveniently drilled from the lakeshore. Heritage is the operator of Block 3A with a 50% interest, while Tullow Oil owns the remaining 50%.

The prospects for exploration drilling in the Lake Albert area have significantly improved due to the recent exploration success of Hardman Resources (Hardman) in Block 2, which lies immediately to the north of Heritage’s permit. During the last three months, Hardman has drilled two wells and found oil in both. Hardman has reported that the first of these two wells, Mputa-1, recovered samples of black oil and had oil and gas readings over a gross interval of 220 meters. This well definitively proved the presence of all the components of a working petroleum system in the basin, namely mature source rock, good quality reservoir, a valid trap and sealing shale formations. Hardman’s second well, Waraga-1, reportedly appears to be even more encouraging, as it recovered light oil samples which suggest an oil column of 45 meters. Hardman has reported it intends to production test its wells as soon as it can mobilize test equipment.

Micael Gulbenkian, Chairman & CEO said: “the Kingfisher prospect is a very large structural closure which, if sufficient reservoir pay is present in the section, has the capacity to contain large volumes of oil. The presence of oil in both the nearby Hardman wells which has proved a working hydrocarbon system within the basin and the apparent absence of carbon dioxide in the Hardman wells, all make the drilling of the Kingfisher prospect an exciting exploration opportunity.”

He added:“Kingfisher appears to be optimally placed within the basin with respect to the assumed hydrocarbon-generating source rocks that are postulated to be present in the section of sediments beneath Lake Albert, which makes it additionally prospective as a drilling target. The Kingfisher prospect is one of a number of large prospects and leads mapped from 2D seismic data acquired over Lake Albert during the past two years.”

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