Interests in Angola, Uganda, Oman and Congo

Vol 4, PW 7 (10 May 00) Exploration & Production
     

There is little mystery about Heritage Oil.

A quick search on the internet reveals a full list of press releases and audited accounts on the company at: http://www.sedar.com/dynamic_pages/issuerprofiles_e/i00010129.htm. Heritage's principal assets are located in Congo, Oman, Angola and Uganda.

In Angola, it has interests in two producing properties in Block 4, one operated by Ranger Oil of Canada and the other by the state oil company. It also has two licences in Congo - "a development licence where the field has just come on production" and where the consortium hopes to put in a pipeline this year, "to ramp up production".

In Uganda, where Heritage is operator, the company carried out aseismic survey in 1998 - the first of its kind in the region - andhopes to drill a well there later in the year. In Oman, Heritage is non-operator partner in two concessions: at Bukha, a gas condensate field producing 40m cf/d of gas and 3,500 b/d of liquid, and in the Straits of Hormuz, where in September last year it signed a new concession in Block 17, which straddles the Iranian border.

Heritage is presently in talks with the Iranian and Oman governments on how to commercially develop this concession, which has been unitised between the two governments. "We have spent over $1m in development studies," reveals Wood, "We did a 3D survey there in February this year." Heritage was incorporated in Alberta, Canada, in 1996.

On 22nd March this year it announced net profits of $554,000 on revenues of $2.2m. In January 1999, the company listed on the Toronto stock exchange, raising $3.6m.

Mike Wood, the company's former Chief Financial Officer, replaced Tim Torrington as Chairman in February this year. The company hasoffices on the Kings Road in London and in Calgary, Canada.