Heritage Oil Acquires Major New Acreage in Uganda
|Monday, July 05, 2004
Heritage Oil has executed a Petroleum Sharing Agreement (PSA) with the Government of the Republic of Uganda for Exploration Area (EA) Block 1 - Pakwach. As is the case for Heritage's existing Block 3 license, Block 1 is in northwest Uganda's Albert Graben adjacent to the Democratic Republic of Congo border, and to the north of Block 3.
This license allows Heritage to more than double its Albert Graben acreage position. As is consistent with Block 3, Heritage has a 50% interest, is the operator and its joint venture partner is Energy Africa. The 4,285 sq km license area has a term of six years.
Micael Gulbenkian, Chairman and CEO, said "this latest acreage acquisition firmly demonstrates our commitment to the potential of the Albert Graben. Heritage's strategy has been to increase the Company's acreage in the Albert Graben before the industry is fully aware of its potential. The success of the drilling programs, seismic surveys and recent logging program of Turaco-2 give the Company great confidence in the potential of the basin. Work undertaken to date has demonstrated a potential hydrocarbon reservoir and large structures in the Albert Graben."
The potential of Block 1 looks promising by extrapolating the results of the work programs undertaken in Block 3. Heritage has recently accelerated its work program in Block 3, with a 350 sq km 3D seismic survey being acquired between now and October 2004 and a contract to mobilise a second drilling rig into country is being finalized. Heritage is planning to drill and test a well on the Turaco prospect later this year.