Following the trial re-entry, comprehensive production testing of this well will be undertaken within the next four weeks with commercial production slated to follow the commissioning of production facilities later this quarter.
Heritage owns a 95% equity interest in ChumpassNefteDobycha Limited, the Russian company owning the Zapadno Chumpasskoye License. This License is located in West Siberia in the province of Khanty-Mansyisk, approximately 100 kilometers west of Nizhnevartovsk, where the company's offices are located. The License, which is valid until 2024, covers an area of approximately 200 square kilometers and contains the previously undeveloped Zapadno Chumpasskoye oil field discovered in 1997.
Heritage has entered into a contract for a multi-well drilling program that is expected to commence in the first quarter of this year, following construction of roads and a drilling pad in the License. RPS Energy Limited, an international, independent geosciences and engineering consultancy, estimates the field to contain proved reserves of 23 million barrels and additional probable reserves of 46 million barrels net to Heritage as at December 31, 2005.
Heritage is an international oil and gas corporation with a producing property in the Sultanate of Oman, a development property in Russia and exploration projects in the Republic of Uganda and the Democratic Republic of Congo. The Company is also pursuing opportunities in the Kurdistan region of Iraq and in other regions of Iraq.
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