Heritage Expands Acreage in Tanzania with PSA

Heritage Oil has been awarded a further Production Sharing Agreement ("PSA") in Tanzania and is the operator with 100% interest.

Highlights

  • The PSA has an area of 18,920 square kilometers and covers virtually the entire Rukwa Rift Basin
  • Heritage considers this acreage shares geological similarities with the Albert Basin of Uganda where the Company had considerable exploration success resulting in the discovery of a number of commercially viable oilfields
  • Heritage has been awarded 100% interest and is the operator
  • The work program will commence shortly with the acquisition of c.600 kilometers of new 2D seismic data targeting exploration plays in potentially prospective areas of the blocks
  • In addition c.2,300 kilometers of legacy 2D seismic will be reprocessed and reinterpreted

With the award of this latest PSA Heritage has licensed virtually the entire Rukwa Rift Basin split into two separate areas; Rukwa North Basin and Rukwa South Basin. These blocks cover areas of 10,175 square kilometers and 8,745 square kilometers respectively. Limited exploration activity was undertaken in the blocks in the mid-1980s which resulted in the acquisition of c.2,300 kilometers of 2D seismic data and the drilling of two wells.

The historical gravity and seismic data highlight the potential in the Rukwa Rift Basin with over seven kilometers of sedimentary section in some places. Heritage recognizes that the Rukwa Rift Basin shares certain similarities with the Albert Basin of Uganda, thereby providing the Company with a key advantage in assessing the blocks.

The work program will commence shortly and Heritage has committed to acquire c.600 kilometers of new 2D seismic data and will also reprocess and reinterpret the legacy seismic database. The new seismic program will focus on exploration plays in potentially prospective areas of the blocks not previously considered, covering structures that were poorly defined on the legacy data. Heritage will draw on its considerable operational experience of working in remote environments to drill any prospective targets it identifies.

In the event of an oil discovery, the Rukwa Rift Basin lies less than 100 kilometers from the railhead at Mbeya and economic scoping shows the commercial viability of either rail export to Dar es Salaam or export by pipeline depending on exploration success.

Tony Buckingham, CEO, commented, "We are delighted to have signed the Rukwa PSA which shares many geological similarities with the Albert Basin in Uganda where we have had previous success. We established a new play fairway in East African rift basins with our exploration success in Uganda and believe this previous experience provides Heritage with a unique advantage in accessing the potential of this exciting new area."

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