HDR hardman resources limited


  1. 2,102 Posts.
    It'll be interesting to see how long this second drill takes, the first took forever, and looking around the Heritage web site and the TSE and I can't find any announcements from either to confirm the article,looks like the MONITOR have got/slipped in first.

    Heritage Oil to Drill Second Well

    The Monitor (Kampala)
    May 23, 2003
    Posted to the web May 24, 2003

    Martin Luther Oketch

    Heritage Oil Corporation is to start drilling the second oil well in Semliki in June, the Director of energy in the ministry of Energy and Mineral Development, Mr Watuwa Bwobi has disclosed.
    He said it would be done in light of positive results got in the first well thus confirming that there is petroleum and other oil products in the area.
    Mr Watuwa also made public the terms of the agreement between Heritage and the government of Uganda.
    He said that in November 1997 the government signed a production agreement with Heritage to carry out oil exploration in the Simliki area and the company has already dug one oil well in the area.
    The government renewed the license in 2001 and it is valid for three years.
    "Under this agreement, government only gets production share which will start with 20 percent [and this will increase up to] up to 80 percent," he said.
    He further revealed that under the terms of production agreement signed, the government does not have any share in terms of profit made in the financial aspects in the oil business.
    By having access to a share of the oil produced, the government will reduce its oil importation bill, he said.
    Heritage's website says that an estimated one billion barrels of oil are recoverable. The current price of oil is about $25 a barrel.
    Heritage published its results for 2002 on 8 May.
    In 2002, petroleum and natural gas revenues were 28 percent higher at $4.6 million. Overall revenue was $36 million, but this included a $31 million gain from sales of oil and gas interests.
    Chief Executive Officer Michael Wood said: "2002 was an exceptionally active and successful year for the company.
    We under took the most ambitious drilling programme to date, working at our sites in three different countries: in Oman, Kouliou in Congo and Uganda confirming hydrocarbons at each location."
    He said that by the end of 2002, it had been established that "a mature and active petroleum system" existed at Turaco-1 in Uganda.
    "This is an historical first for the region, Heritage plans a second hole to be drilled with a more powerful rig this summer to follow up the Turaco-1 results," he said.
    Heritage has a 50 percent interest in the Ugandan operation, as does its South African partner Energy Africa.


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