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heritage oil, hardman get a mention.

  1. 2,099 Posts.
    Just a piece of reading for Hardman readers, as Hardman get a mention in the article, how come Ted Ellyard didn't inform the share holders of the news about the boat, did I miss the announcement ????.
    Getting more and more like Woodside every day.


    Bigger Oil Rig Coming

    Kampala, Jun 19, 2003 (New Vision/All Africa Global Media via COMTEX) -- With
    fuel imports taking up such a large chunk of Uganda's foreign exchange earnings,
    the search for local crude oil deposits has taken on more importance. Uganda is
    currently using up $160m each year in fuel imports.
    Leading the search is Heritage Oil and Gas, who have ordered for a new oil
    drilling rig.
    The new oil rig ( still in South Africa), will be used in drilling Turaco 2
    (well 2) in the Semliki in western Uganda. It is almost ready for shipping to
    Uganda.
    Brian Westwood, the director Heritage oil and Gas, said last week, this time
    they are making sure that everything needed to carry on with the drilling is
    100% perfect before they start anything.
    "The oil rig we have got this time is three times bigger and stronger than the
    one we used last time and it can drill up to 5.5 kilometres deep, though we
    don't have to go that far," Westwood said.

    Part of the rig will be transported by sea, another part by road, but the
    computerised parts will come by air. "But it will all be reassembled in
    Semliki," Westwood said.
    About two months ago, the company made progress in the drilling process when
    they encountered traces of oil. However, the drill rig got stuck in the ground
    and could not be retrieved, forcing them to abandon the well.
    The entire investment in the drilling process has so far taken up about $14m,
    but Westwood said that with the acquisition of the new rig and the completion of
    drilling the second well, the cost of the exercise will likely go up to about
    $20m.
    Westwood said by the end of August, the company will have started drilling on
    the second well in exploration area 2.
    "This time this well will be deeper. We have to go 3.5 kilometres deep and we
    are confident we shall find what we are looking for. There are all the logistics
    necessary to bring the rig here," he said.
    Eagle Drill, the company that was contracted by Heritage to do the actual
    drilling exercise in the first well, will carry on with the second well, but the
    drillers will all be Ugandans who were used during the first attempt.
    Westwood said that prior to drilling, there will be a team of engineers and
    mechanics to prepare the rig site, because at the moment the site is not
    spacious and strong enough to handle the new rig.

    "The team will start work at the Semliki probably in the first week of July. At
    the moment, there is nothing going on at the site, but we have a maintenance and
    security team looking after the site," he said.
    He said as soon as they have reached the depth which they believe is
    economically viable, then they will have to test the well for quantity and
    quality.
    "We have picked two other sites that are good targets in exploration area 2, but
    first we have to evaluate what is in this one. It's of interest to Heritage to
    evaluate this well before we start our third exploration," he said."Depending on what we find, we shall make a decision on what to do. If it is a
    world class discovery, we could build a pipeline to Mombasa.
    " If the discovery is significantly smaller, then we may have to set up a mini
    refinery in Uganda," he said.
    Seismic studies in exploration area 2 on Lake Albert's port of Butiaba, will
    start between mid September and early October.

    Reuben Kashambuzi, commissioner for petroleum exploration and production in the
    energy ministry, said last week Hardman resources, the company licensed to
    explore for oil in this area has acquired a new boat that will be used for the
    seismic operations on the lake.
    The studies that should have started in about April hit a snag when the boat
    that had been brought for this purpose failed to overcome the lake currents
    which were rough at that time of the year."The boat was brought in March and assembled with some of the equipment, but
    when it was taken on a test ride on the lake, they found out that it was not
    designed to overcome currents on the lake at this time of the year. They found
    that Lake Albert was very rough at this time of the year," Kashambuzi said.
    He said the company therefore suspended operations as they sourced around for a
    suitable boat.
    "The information we have now is that a suitable boat has been identified in
    Mombasa, and that the company has decided to buy it rather than hire. This boat
    will be available here in mid July," he said.
    He said the delay in bringing the boat over is because it is used as a supply
    vessel for a fishing fleet in Mombasa, and that the fishing season is almost
    coming to an end.
    Meanwhile Heritage are to test drill two other sites.
    "We have picked two more positive targets that we have to look at, but first of
    all we must evaluate what is in the first well we are drilling," Brian Westwood
    the director of the company said.
    "It is in the interest of Heritage to evaluate this well first before we can
    start our third exploration. But the moment we finish this one, we will want to
    go and drill the other two sites," he said.
    Westwood said the exploration area three has got about seven sites with
    potential, but that its just the two that they have picked on that look more
    interesting.
    Geologists say there are five exploration blocks along the Albertain graven.

    by Emmy Olaki

    WEB SITE....http://quotes.freerealtime.com/dl/frt/N?art=C2003061900170u4778&SA=Latest%20News







 
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