Heritage Oil has announced a significant new oil discovery with the Buffalo-1 exploration well in Block 1, Uganda. The Buffalo discovery is considered by management to have the potential to exceed, subject to further successful drilling, the discoveries in the Kingfisher field.
Buffalo Discovery – Block 1, Uganda
The Buffalo-1 exploration well was drilled, approximately 500 meters from the crest of the structure, to a total depth of 637 meters and was successfully logged. The well encountered a gross hydrocarbon-bearing interval of approximately 123 meters with net hydrocarbon pay of approximately 43 meters. Wireline logging and formation pressure measurements indicate 28 meters of net oil pay in the principal oil-bearing reservoir section, overlain by 15 meters of additional net hydrocarbon pay containing gas. Downhole pressure testing and sampling has confirmed the presence of moveable oil that has been recovered to surface, and log interpretation indicates that reservoir quality in all pay zones appears to be excellent. The Buffalo-1 well is now being suspended as a potential future production well.
The gross oil and gas columns seen in the well are 75 meters and 48 meters respectively and there is potential for the gross oil column of the accumulation to be significantly larger than reported because no oil-water contact was encountered in the well. Management believe that Buffalo is the leading discovery in Block 1 and the Butiaba area to date. Based on seismic interpretation, further exploration and appraisal drilling could prove up a very substantial accumulation of oil, giving Buffalo the potential to be the largest oil field in Uganda.
There are many other prospects mapped within Block 1 from over 600 kilometers of seismic data acquired in the license during the past 18 months. All are characterized by similarly encouraging seismic amplitude anomalies as seen over the Buffalo and Warthog prospects, and all represent further prospects and leads which constitute additional multiple drilling targets within the block.
The rig will now move to the Giraffe-1 location to drill the third exploration well in the current drilling campaign. It is anticipated that drilling will commence within two weeks and the well is scheduled to take approximately three weeks to complete.
Tony Buckingham, Chief Executive Officer, commented, “Buffalo is another major discovery and continues the 100% success rate in the Albert Basin in Uganda over the last three years with all 17 wells drilled finding hydrocarbons. The 28 meters of net oil pay in good quality reservoir and the absence of an oil water contact in the well, gives management confidence in the potential of the very large Buffalo structure. Our multi-well exploration program continues to produce excellent results and we are confident of reaching the commercial threshold for development.”
Heritage is the Operator of Block 3A and Block 1 in Uganda with a 50% equity interest in the licenses with Tullow Oil Plc holding the remaining 50% interest.
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