HDR hardman resources limited

hdr-heritage oil, uganda

  1. 2,101 Posts.
    Latest on the Heritage Oil -Turaco drilling in Uganda.


    Heritage Oil Corporation announces update on Turaco-2 well in Uganda

    09:00 EST Tuesday, October 28, 2003





    CALGARY, Oct. 28 /CNW/ - Heritage Oil Corporation (TSX: HOC.A) announced today that subsequent to commencing operations on Turaco-2, on October 6, a fresh cement plug is currently being set at approximately 1,500 metres across the base of the cased-hole section of the Turaco-1 well, that was suspended earlier this year, in preparation for drilling ahead.



    The next 1,000 metres or so of drilling in Turaco-2 is essentially a re-drill of the section drilled by Turaco-1, which reached a total depth of 2,487 metres, subsequent to which the Company will be entering previously-undrilled formations. The primary objective is the Kisegi Sandstone reservoir, which was not penetrated by the Turaco-1 well.



    The Company's geological team has established that the shale encountered at total depth in Turaco-1 is the Kasande Formation, that at outcrop is seen to lie directly above the Kisegi Sandstone reservoir, and is thought to be the principal sealing shale within the basin. In Turaco-2 it is anticipated that the Kisegi Sandstone will be encountered at a depth of between 2,500-2,700 metres (though it may be deeper), which should be reached by mid to late November.



    Company Chairman & CEO Micael Gulbenkian noted that "as we drilled into the Kasande Formation and approached total depth in Turaco-1 the gas shows, that had until that time been exclusively C1 (methane), for the first time also included the higher order gases (C2, C3 and C4), and for the first time we also recorded shows of live oil."



    The Company's geologists note that such a change in shows are often seen in a well for the first time upon penetrating a sealing shale that acts as the cap rock above an oil-bearing reservoir. This supports the argument that by drilling deeper and encountering the Kisegi Formation, there are positive indications to suggest that Heritage will find the reservoir to be oil-bearing. The level of confidence is sufficiently high within Heritage that well testing equipment has been mobilised to site, to avoid any unnecessary delay in testing Turaco-2 in the event that it proves to be a discovery.



    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.



    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.



    /For further information: please contact: Investor Relations Contacts: Cathy Hume, Cavalcanti Hume Funfer Inc. (CHF Inc.), Tel +1 (403) 541-1225 OR +1 (416) 868-1079; Olav Svela, Cavalcanti Hume Funfer Inc. (CHF Inc.), Tel +1 (416) 868-1079, Fax +1 (416) 868-6198, (olav(at)chfir.com); Heritage, European Contact Details: Micael Gulbenkian, Chairman and CEO, Tel +44 20 7351 5555, Fax +44 20 7351 1122; Canadian Contact Details: John McLeod, Director, Tel +1 (403) 234-9974, Fax +1 (403) 938-0048; If you would like to receive press releases via email contact Shelley Merritt (shelley(at)chfir.com)/


 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.