HERITAGE OIL PROVIDES KINGFISHER-2, UGANDA DRILLING UPDATE
Heritage Oil Limited (LSE: HOIL), an independent upstream exploration and production company, is pleased to announce that the Kingfisher-2 exploration and appraisal well in Block 3A, Uganda, has currently reached a drilled depth of 2,922 metres. Excellent oil shows have already been encountered over a gross vertical interval of approximately 105 metres from three potential sandstone reservoir zones. Preliminary interpretation of the zones, prior to wireline logging, indicates they could be the lateral equivalent of three pay zones which production tested at a combined flow rate of 9,773 barrels of oil per day in the Kingfisher-1 well. Kingfisher-1 was completed in early 2007 and is located approximately 1.5 kilometres to the south-west of Kingfisher-2.
The Kingfisher-2 well is designed to appraise reservoir zones discovered by the Kingfisher-1 well, as well as explore a deeper potential objective not previously reached due to the limitations of the rig that was used to drill Kingfisher-1. When a total anticipated depth of approximately 4,100 metres has been reached, it is planned to also production test prospective zones of Kingfisher-2.
Tony Buckingham, CEO, commented:
"We are delighted to have encountered excellent oil shows over such a large vertical interval. This is very encouraging for increasing oil reserves in the Albert Basin and we look forward to undertaking successful production tests later this summer."
Heritage has a 50% interest in Block 3A with Tullow Oil as partner for the remaining 50%.