HDR hardman resources limited

heritage oil in uganda

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    Thought this might be of interest to Hardman followers



    Heritage announces spud date of second well in Uganda for early September
    10:38 EDT Wednesday, July 30, 2003

    CALGARY, July 30 /CNW/ - Heritage Oil Corporation (TSX: HOC.A) today announced that preparations are well underway in Uganda for the drilling of the Turaco-2 appraisal well.
    "As previously announced, the results from the first well in Block 3 Uganda were very encouraging. We have fast tracked the drilling of Turaco-2 such that we are planning to begin to mobilize both crews and equipment to Uganda in early August," said Heritage Chairman and CEO Micael Gulbenkian. "Heritage is confident of our continued success in Uganda. The spud date is scheduled for early September, using the Eagle Drill No. 2 rig."
    Eagle Drill No. 2 is a substantially upgraded and refurbished version, with a taller mast and a more powerful drive unit than the Eagle Drill No. 1 rig used for the Turaco-1 well, which allows for more efficient drilling operations. Turaco-1 scored an "historic first" for Uganda when the well encountered encouraging shows of both live oil and higher order gases; however, mechanical difficulties prevented proper evaluation of the well. As a result Heritage, along with 50/50 partner Energy Africa, decided to suspend Turaco-1 in January 2003 and return later in the year with an upgraded rig and well testing equipment to drill appraisal well Turaco-2 to further evaluate the Turaco Prospect.
    In addition to the Turaco Prospect, Heritage has also mapped several other substantial prospects on Block 3, and as part of a recent reserve evaluation undertaken by Scott Pickford Ltd. in June 2003, prospective exploration resources are assessed to be 1.2 billion barrels net unrisked and 127 million barrels net risked in respect of the Company's interest in Uganda.
    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.

 
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