LONDON, UNITED KINGDOM--(Marketwire - Nov. 1, 2011) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Heritage Oil Plc ("Heritage" or the "Company") (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, announces that it has been awarded a further Production Sharing Agreement ("PSA") in Tanzania and is the operator with 100% interest.
- The PSA has an area of 18,920 square kilometres and covers virtually the entire Rukwa Rift Basin
- Heritage considers this acreage shares geological similarities with the Albert Basin of Uganda where the Company had considerable exploration success resulting in the discovery of a number of commercially viable oilfields
- Heritage has been awarded 100% interest and is the operator
- The work programme will commence shortly with the acquisition of c.600 kilometres of new 2D seismic data targeting exploration plays in potentially prospective areas of the blocks
- In addition c.2,300 kilometres of legacy 2D seismic will be reprocessed and reinterpreted
With the award of this latest PSA Heritage has licensed virtually the entire Rukwa Rift Basin split into two separate areas; Rukwa North Basin and Rukwa South Basin. These blocks cover areas of 10,175 square kilometres and 8,745 square kilometres respectively. Limited exploration activity was undertaken in the blocks in the mid-1980s which resulted in the acquisition of c.2,300 kilometres of 2D seismic data and the drilling of two wells.
The historical gravity and seismic data highlight the potential in the Rukwa Rift Basin with over seven kilometres of sedimentary section in some places. Heritage recognises that the Rukwa Rift Basin shares certain similarities with the Albert Basin of Uganda, thereby providing the Company with a key advantage in assessing the blocks.
The work programme will commence shortly and Heritage has committed to acquire c.600 kilometres of new 2D seismic data and will also reprocess and reinterpret the legacy seismic database. The new seismic programme will focus on exploration plays in potentially prospective areas of the blocks not previously considered, covering structures that were poorly defined on the legacy data. Heritage will draw on its considerable operational experience of working in remote environments to drill any prospective targets it identifies.
In the event of an oil discovery, the Rukwa Rift Basin lies less than 100 kilometres from the railhead at Mbeya and economic scoping shows the commercial viability of either rail export to Dar es Salaam or export by pipeline depending on exploration success.
Tony Buckingham, CEO, commented:
"We are delighted to have signed the Rukwa PSA which shares many geological similarities with the Albert Basin in Uganda where we have had previous success. We established a new play fairway in East African rift basins with our exploration success in Uganda and believe this previous experience provides Heritage with a unique advantage in accessing the potential of this exciting new area."
Notes to Editors
- Heritage is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 Index. The trading symbol is HOIL. Heritage has a further listing on the Toronto Stock Exchange (TSX:HOC)
- Heritage is an independent upstream exploration and production company engaged in the exploration for, and the development, production and acquisition of, oil and gas in its core areas of Africa, the Middle East and Russia
- Heritage has a producing property in Russia and exploration projects in the Kurdistan Region of Iraq, Malta, Pakistan, Tanzania, the Democratic Republic of Congo and Mali
- All dollars are US$ unless otherwise stated
- For further information please refer to our website, www.heritageoilplc.com
If you would prefer to receive press releases via email please contact Jeanny So (email@example.com) and specify "Heritage press releases" in the subject line.
Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding production estimates and future plans and objectives of Heritage – constitute forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves and recoveries; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties as disclosed under the heading "Risk Factors" in its Prospectus and elsewhere in Heritage documents filed from time-to-time with the London Stock Exchange and other regulatory authorities. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.