Turaco-3 is being drilled approximately 100 meters from the Turaco-2 surface location, with a higher capacity, conventional, third-party drilling rig. It is anticipated the well's total depth will reach 2,850 meters in about 60 days, with testing to follow before the year-end.
Heritage holds a 50% working interest in the project and is the operator.
Micael Gulbenkian, Chairman and CEO, said "the spudding of Turaco-3 is a significant event in the Company's history, providing as it does the potential for a world-class discovery in an unexplored sedimentary basin. I am pleased to report that notwithstanding the remote location and the absence of oilfield infrastructure in Uganda, we have been able to spud this well one month earlier than planned and under budget, which is a significant logistical achievement."
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