HDR hardman resources limited

hardman,hertiage and uganda

  1. 2,097 Posts.
    This is the type of news I like to read, come onTed get your drill rigs in quick.

    WEB SITE for article, under news .....http://www.tse.com/HttpController?GetPage=ListedCompaniesViewPage&Page=1&SearchIsMarket=Yes&SearchCriteria=Name&SearchType=StartWith&SearchKeyword=heritage+oil&SUBMIT=Submit



    News from Canada NewsWire

    Heritage Oil Corporation announces an increase in proven reserves; Prospective unrisked resources of 1.2 billion barrels estimated for the Uganda project
    09:00 EDT Tuesday, June 24, 2003

    CALGARY, June 24 /CNW/ - Heritage Oil Corporation (TSX: HOC.A) announced today that its combined oil reserve base has increased in West Africa, the Middle East and Uganda following a recent reserve evaluation undertaken by Scott Pickford Ltd., an ECL Group company, one of the world's leading geoscience consultancies.

    The report notes that total proven reserves have climbed to 4.6 million barrels of oil equivalent (boe) compared with a provisional 0.9 million proven boe as estimated by management in the 2002 Annual Report. Total proven and probable reserves (unrisked) now stand at 17.8 million boe valued at an unrisked US$47.2 million or CDN$62.8 million. The proven plus risked 50% probable reserves are 11.2 million boe with a value of US$29.5 million (CDN$39.2 million).

    Michael Wood, CEO, said that "we were deliberately cautious in the reserve estimates in the annual report, so we are delighted that an independent engineering evaluation has substantiated the underlying value of Heritage's asset base. Also, Heritage has significant future potential value with its prospective reserve base."

    He pointed out that the Scott Pickford prospective reserve (exploration) is approximately a net unrisked 1.2 billion barrels and on a risked basis 127 million barrels. This evaluation is based on a revaluation of Block 3, Uganda, which has led to the mapping of a number of prospects on-block and undertaken following the encouraging results of the Turaco-1 exploration well. This prospect will be further appraised by the Turaco-2 well scheduled to commence drilling in the summer of 2003. Heritage and its partner, Energy Africa Uganda Limited, each hold a 50% interest in Block 3, Uganda.

    Micael Gulbenkian, Chairman, noted that "we have been very excited about the prospects for Uganda ever since the drilling of Turaco-1. The Scott Pickford report only serves to underscore the potential for this area."

    The following tables provide the details of the Scott Pickford report:




    Proven and Probable Additional Reserves
    -------------------------------------------------------------------------
    Reserve Category Area Reserves NPV(x)
    (mmboe's) (at)10%
    (US$MM)
    -------------------------------------------------------------------------
    Proven Congo 2.5 14.9
    -------------------------------------------------------------------------
    Oman 2.1 2.6
    -------------------------------------------------------------------------
    Total Proven 4.6 17.5

    -------------------------------------------------------------------------
    Probable Additional Congo 2.7 12.0
    -------------------------------------------------------------------------
    Oman 10.5 11.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total Probable Additional 13.2 23.9

    -------------------------------------------------------------------------
    Total Proven plus Probable 17.8 41.4

    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Overriding Royalty Congo 5.8

    Total Proven, Probable & ORR 17.8 47.2
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Total Proven, plus Risked
    Probable & ORR 11.2 29.5
    -------------------------------------------------------------------------


    Possible Reserves

    -------------------------------------------------------------------------
    Reserve Category Area Reserves Unrisked NPV
    (mmboe's) (at)10%
    (US$MM)
    -------------------------------------------------------------------------
    Possible Congo 7.1 14.6
    -------------------------------------------------------------------------
    Oman 1.9 1.7
    -------------------------------------------------------------------------
    Total Possible 9.0 16.3
    -------------------------------------------------------------------------
    Overriding Royalty Congo 2.5

    Total Possible 9.0 18.8
    -------------------------------------------------------------------------


    Prospective Resources

    -------------------------------------------------------------------------
    Reserve Category Area Unrisked Risked Risked
    Reserves Reserves Reserve Value
    (mmboe's) (mmboe's) (at)10%
    (US$MM)
    -------------------------------------------------------------------------
    Prospective
    Resources Uganda 1,247.5 126.8 124.4
    -------------------------------------------------------------------------

    (x) Assuming a 10% discount rate and a base oil price of US $20 Brent.
    Probable Additional NPV's are unrisked.


    Heritage is an international oil and gas corporation, whose principal properties are situated in the Republic of Congo, Oman and Uganda. Heritage's registered office is located in Calgary, Canada.


    The Company's "Class A" common shares trade on the Toronto Stock Exchange

    (TSX) under the symbol HOC.A. This press release is not for

    distribution to United States Newswire Services or for

    dissemination in the United States.


    If you would like to receive press releases via email contact

    Christi Brooks (Christi(at)chfir.com).


    FORWARD-LOOKING STATEMENTS: 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 - are forward-looking statements 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.

    %SEDAR: 00010129E

    For further information: Investor Relations Contacts: Cathy Hume, Cavalcanti Hume Funfer Inc. (CHF Inc.), Tel +1 (403) 541-1225; Olav Svela, Cavalcanti Hume Funfer Inc. (CHF Inc.), Tel +1 (416) 868-1079, Fax +1 (416) 868-6198; Heritage, European Contact Details - Michael Wood, Chief Executive Officer, Tel +44 20 7349 7604, Fax +44 20 7351 1122; Canadian Contact Details - John McLeod, Director, Tel +1 (403) 234-9974, Fax +1 (403) 938-0048

 
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