Heritage has discovered oil at the Kingfisher-3 well, Block 3A, Uganda. The Kingfisher field is now considered, by management, to be the largest oil discovery, to date, in Sub-Saharan East Africa. The drilling of Kingfisher-3 marks the end of appraisal drilling on the field, as drilling moves into the development phase.
Block 3A, Uganda
Kingfisher-3 was drilled to evaluate the south-west portion of the Kingfisher structure and was drilled down dip on the flank of the structure. Most encouragingly, the well encountered oil in all three Kingfisher reservoir intervals, over a gross hydrocarbon bearing interval of 110 meters with net pay of up to 40 meters, based on a preliminary evaluation of wireline log data. Based on pressure data, the three intervals appear to be in communication with the three reservoir intervals previously production tested in the Kingfisher-1A and Kingfisher-2 wells at 9,773 bopd and 14,364 bopd respectively.
In addition to finding oil, the well also indicated that this part of the field is approximately 100 meters structurally higher than expected. The more extensive oil accumulation and the greater structural elevation of the reservoir in the south-west part of the field gives increased confidence in a reserve upgrade for Kingfisher following completion of the forthcoming sidetrack, Kingfisher-3A. It is planned to suspend the Kingfisher-3A development well as a third producer, in addition to the previously drilled and suspended Kingfisher-1A and Kingfisher-2 wells.
It is planned to drill the Kingfisher-3A sidetrack to an anticipated measured depth of approximately 2,860 meters, which is expected to be completed by late January or early February 2009.
Block 1, Uganda
The Buffalo-1 exploration well is operating at target depth as planned and is being logged. A further announcement will be made following completion of the logging program.
Planned Drilling Activity in 2008
Tony Buckingham, Chief Executive Officer, commented, "The discovery of oil in Kingfisher-3, at a structurally higher elevation than anticipated, further indicates the outstanding nature of the Kingfisher discovery. With the drilling of the Kingfisher-3A sidetrack and a further two wells planned to spud before the year-end in Uganda and Kurdistan this continues to be an exciting time for Heritage and its shareholders."
Heritage is the Operator of Block 3A and Block 1 in Uganda with a 50% equity interest in the licenses with Tullow Oil holding the remaining 50% interest.
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