Heritage Increases Production from OML 30 Onshore Nigeria

Independent explorer and producer Heritage Oil reported Wednesday increased production from its OML 30 concession, onshore Nigeria. The firm said that year-to-date production from OML 30 has averaged approximately 15,600 barrels of oil per day net to Heritage – 17-percent greater than that seen in the fourth quarter of 2013.

Heritage said that there have been three liftings to date in 2014 and that it expects these will take place on a monthly basis going forward. Meanwhile, installation of gas compressors, refurbishment of equipment, statutory inspection and testing of all pressure vessels, and inspection of all wellheads and pipelines continue to support well optimization. The firm said this should result in further increases in production.

Heritage added that the commencement of development drilling remains on track for the second half of the year.

The firm also said that discussions with the Nigerian government about the tax status of Shoreline Natural Resources – the joint venture through which Heritage operates the OML 30 concession – have been concluded successfully.

Heritage CEO Tony Buckingham commented in a company statement:

"OML 30 operations are progressing in line with expectations, providing significant revenues and cash flow to Heritage which should enable the company to achieve its goal of paying a sustainable dividend stream to shareholders. Our interest in OML 30 will be used as a platform to grow and obtain additional interests in Nigeria and in other core areas."

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