Heritage Oil Provides an Update on Production in OML 30, Nigeria

Heritage Oil Provides an Update on Production in OML 30, Nigeria

Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, issues an update regarding production levels in OML 30, Nigeria.
Gross production from OML 30 has returned to rates of over 35,000 bopd and all of the key fields are in production. The temporary factors which caused lower than expected production levels over the first quarter have been successfully addressed.
Work is underway with the objective of optimising existing facilities, including gas lift, which will enable production rates to increase in line with management forecasts during the remainder of the year. It is expected that, as previously announced, 2013 gross production from OML 30 will average 35,000 bopd. The drilling of new wells, planned to commence in the second half of 2014, should provide a significant increase to production with the longer term potential estimated at approximately 300,000 bopd gross. Infrastructure is in place with capacity of 395,000 bpd.
Separately, engagement with the local communities and the establishment of a long term Global Memorandum of Understanding with them is continuing.
Tony Buckingham, Chief Executive Officer, commented:
“We are delighted that production levels are back over 35,000 bopd gross for the licence and that the issues encountered earlier in the year have been resolved. The work schedule is progressing in line with our update last month and we are on track to meet our production target for the full year.”
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Source: Heritage Oil Plc
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