Heritage Oil Confirms Tibat-1 Well Tests

Heritage Oil confirmed that the Tibat-1 well offshore Oman was a gas/condensate discovery and announced the results of the testing program.

The Tibat-1 well has confirmed a 185 meter gross hydrocarbon column of which 15 meters is in the Mauddud reservoir and 170 meters in the Upper Thamama reservoir. The Tibat-1 well tested 10-12 mmcf/d of gas, with associated condensate production rates of 75 bbl/mmcf/d.

The initial well results interpretation has confirmed the pre-drill gas reserve estimates of the Tibat structure and also significant condensate reserves potential. A gas-water contact has not been identified in the well, which may indicate further upside potential, provided that the gas column extends deeper in the Upper Thamama. Analysis of the production test data has also confirmed that certain zones are water-wet and that other zones have relatively high levels of inert gases of CO2 and N2.

The joint venture is planning to set cement plugs in the Tibat-1 well so that it could be re-entered at a later date. The Tibat development planning and evaluation work is ongoing and includes the possible drilling of Tibat at a crestal location, prior to making a development decision.

Heritage holds a 10% working interest in both Block 8, Oman (in which it holds an interest in the producing Bukha gas/condensate field) and in the adjoining Block 17 license, through its wholly owned subsidiary Eagle Energy (Oman) Limited. Its partners in the Tibat-1 Well are Novus Petroleum Limited (Operator) 40%, LG International Corp. 25% and Atlantis Holding Norway 25%.