Heritage Oil Spuds Turaco-2 Well in Uganda

Heritage Oil has spud the Turaco-2, a follow-up well to the initial exploration well in western Uganda. The discovery well, Turaco-1, had positive indications of the presence of hydrocarbons as it encountered oil shows and higher order gases, although mechanical difficulties prevented proper testing.

Turaco-2 is being drilled from the Turaco-1 surface location, with a higher capacity Eagle Drill rig. It is anticipated the well's total depth will reach approximately 3,000 meters in about 40 days, with testing to follow.

Micael Gulbenkian, Chairman and Chief Executive Officer, said that "the spudding of Turaco-2 is a significant event in the Company's history, involving the potential for a world-class discovery in an unexplored sedimentary basin, in a country with no domestic supply."