Our timeline below highlights the key events in the evolution of Heritage Oil.
Heritage was founded. The Company was incorporated in January 1992 as Land and Marine Hydrocarbons Development Limited, and the name was changed to Heritage Oil & Gas Limited in June 1993. The Group was initially formed to hold certain oil and gas exploration interests in offshore Angola, principally an interest in a PSA in respect of Block 4 in the Lower Congo Basin, and through ROWAL a joint venture company with Ranger, a reversionary interest in the Kiabo oil field owned and operated by the Angola state oil company, Sonagol. ROWAL was owned 51 per cent. by Ranger and 49 per cent. by the Group.
1994 - 1995
Heritage received a 2.5 per cent. commission amounting to approximately $2 million relating to the construction of two production platforms in South Africa for use in the Cabinda region, offshore Angola.
Ranger and Heritage amended the existing arrangements so that the Group received a 5 per cent. net profits interest in the Kiame development and a 2 per cent. net profits interest in the balance of Block 4 (other than sub-blocks 4/26 and 4/24 containing the Kiabo oilfield and another undeveloped discovery which predates the award of Block 4 to Ranger).
Heritage acquired a 10 per cent. interest in Block 8, offshore Oman.
Heritage was awarded a 50 per cent. interest and operatorship of the Kouilou exploration licence and Kouakouala A, B, C and D licences onshore Congo.
Heritage was awarded a 100 per cent. interest and operatorship of Block 3 and subsequently drilled three test wells at the same Turaco drill site, Uganda.
The Kiame oilfield, offshore Angola, operated by Ranger, commenced production in June 1998. Production from the field terminated in April 2002. Heritage held a 5 per cent. net profit interest.
Heritage Oil Corporation listed the HOC Common Shares on the TSX.
Maurel et Prom farmed into the Kouilou and Kouakouala A, B, C and D licences in the Congo and is appointed operator. Heritage's working interest reduces to 25 per cent. of Kouakouala A permit and 30 per cent. of the Kouilou exploration licence and Kouakouala B, C and D licences.
Heritage sold a 50 per cent. working interest in the Uganda Block 3 licence to Energy Africa.
M'Boundi field in the Kouilou exploration permit was discovered.
Heritage disposed of its 30 per cent. working interest in the Kouilou permit in the Congo in the first half of 2002 to Maurel et Prom for a consideration of $30 million in cash, $5 million in interest bearing convertible debentures in the purchaser and the retention of a 5 per cent. gross override royalty effective after 67 million bbls have been produced.
Heritage disposed of the M'Boundi royalty to Maurel et Prom for proceeds of $30.4 million. Acquired a 7 per cent. working interest in the Noumbi exploration permit in the Congo for $7 million.
Heritage was awarded a 50 per cent. working interest in Blocks 1 & 3A in Uganda and is appointed operator.
In July 2006, Blocks 1 and 2, adjacent to the Ugandan blocks, in the DRC were awarded under a single PSC with the government of the DRC.
Heritage entered into an agreement with TISE Holding Company to establish a jointly owned company, TISE-Heritage Nefetegas, which was incorporated in 2007 to appraise and jointly acquire oil and gas opportunities in Russia and internationally. Shareholders of TISE Holding Company include Concord, Zarubejneft, Zarubejneftegas (a wholly-owned Gazprom subsidiary), Technopromexport and Zarubejstroymontaj.
In November 2006, Heritage Congo was sold to Afren for a consideration of $21.0 million, plus 1,500,000 Afren warrants, with a term of five years and an exercise price of £0.60 per share. Heritage Congo held a 14 per cent. interest in the Noumbi Permit, in the Congo.
At the end of 2006, the West Bukha-2 appraisal/development well test produced a combined flow-rate from the zones tested (Ilam/Mishrif/Mauddud and Thamama) of approximately 12,750 bopd and 26 MMscf/d.
In January 2007, Heritage finalised the statement of adjustments relating to the sale of its 25 per cent. working interest in the Kouakouala A licence and 30 per cent. working interest in the Kouakouala B licence in the Congo to the other partners in the licences, Maurel et Prom and Burren Energy, for the following consideration:
- cash of $6,052,515, which has been received; and
- an overriding royalty of 15 per cent. over a 30 per cent. working interest in the Kouakouala B licence in relation to the Mengo field. The Mengo field is not currently in production.
First production from the Zapadno Chumpasskoye field in Russia commenced in May 2007.
The Kingfisher deviated well in Block 3A in Uganda was drilled to a total depth of 3,195 metres. Four intervals were tested successfully in the Kingfisher well, resulting in an overall cumulative maximum flow rate of 13,893 bopd.
In October 2007, Heritage executed a PSC with the Kurdistan Regional Government ("KRG") over the Miran Block in the south-west of the Kurdistan Region of Iraq. Heritage also agreed to be a 50/50 partner with the KRG to design and build a 20,000 bopd oil refinery in the vicinity of the licence area. Heritage was appointed Operator.
Heritage farmed-in to two onshore exploration licences in the Republic of Mali, in North-West Africa, with a gross area of over 72,000 square km in November 2007. Heritage was appointed Operator. Heritage entered into farm-in agreements which contain the right to earn a 75 per cent. working interest in Block 7 and Block 11 from Centric Energy Corporation.
In November 2007, Heritage was awarded a 54 per cent. participating interest in the Sanjawi Block (No, 3068-2) in Zone II (Baluchistan), an onshore exploration licence in Pakistan, with a gross area of 2,258 square km. Heritage was appointed as operator.
In December 2007, the Group was awarded 100 per cent. of Areas 2 & 7 offshore Malta.
Entered the FTSE 250 Index in June 2008.
In August, reported record test results in Uganda with Kingfisher-2 well, Block 3A.
In September, obtained government approval and completed farm-in documentation in Tanzania. Commenced a three well drilling programme in Block 1, Uganda.
In October, announced the Warthog Discovery in Block 1, Uganda - this was the first well to be drilled in the Block.
In December, commenced drilling of the Miran West-1 well in Kurdistan. Announced the successful completion of the Kingfisher-3 well in Block 3A, Uganda and the Buffalo discovery in Block 1, Uganda.
Heritage was awarded awarded a 48% working interest and was appointed as operator of Zamzama North, an onshore exploration licence in Pakistan, with a gross area of 1,229 square km.
In January announced the successful Giraffe discovery, connected to the Buffalo discovery.
Announced that the commercial threshold for the development of the Albert Basin had been surpassed.
Completed the successful Kingfisher-3A sidetrack, Block 3A, Uganda.
Completed the sale of Oman holdings for $28 million.
Terminated the refinery commitment in the Kurdistan Region of Iraq.
Announced the major Miran West-1 discovery in May.
Changed the name to Heritage Oil Plc in June.
Completed the testing of the Miran West-1 well where the upper zone tested at 3,640 bopd. Testing was constrained and it is estimated that there is production potential of between 8,000-10,000 bopd.
In November, the Miran West -2 Appraisal well commenced drilling.
In December a Sale and Purchase Agreement was executed with ENI International B.V. ("Eni") for the sale of Heritage's 50% working interests in Blocks 1 and 3A in Uganda (the "Assets") and a circular was issued.
In January, 2010, Tullow Uganda Limited ("Tullow") exercised its right of pre-emption on the same terms and conditions as agreed with Eni.
It was announced in April that the Miran West-2 well would drill to deeper exploration targets in the Jurassic and Triassic.
Completion of the sale of the Assets for $1.45 billion. Discussions with the Government of the Republic of Uganda continue with a view to resolving the tax dispute.
Paid a special dividend of 100 pence per share.
Commenced 3D seismic acquisition in Kurdistan.
Completed testing of the Miran West-2 well, Kurdistan.
Completed 2D seismic acquisition in Kurdistan; focused on the southern portion of the Block.
Completed 1,077 kilometre 2D acquisition in Mali.
Completed 1,400 kilometre 2D acquisition in Malta.
Completed drilling of well 363 in Russia which provided a material increase to production.
Commenced a buy back programme.
Bought shares in PetroFrontier Corp.
Commenced drilling of the Miran West-3 Well in Kurdistan and announced successful test results of the Upper Cretaceous.
Acquired 51% interest in Sahara Oil Services Holdings Limited which owns the entire share capital of Sahara Oil Services Limited gaining access to the Libyan oil industry.
Awarded further acreage in Tanzania with the Rukwa PSA.
Awarded further acreage in Tanzania with the Kyela PSA.
Achieved a flow rate of up to 17.5 MMscfd from an interval above the main Jurassic reservoir in the Miran West-3 well, Kurdistan.
Commenced drilling of the Miran East-1 exploration well, Kurdistan. Commenced drilling of the Miran West-4 appraisal well, Kurdistan.
Completed the sale of an interest in the Miran Block and received exchangeable loan.
Completed the Acquisition of a major interest in OML 30, Nigeria.
Shareholders approved exchangeable loan repayment and divestment of interest in Miran Block.
Shoreline Power exercised its option to acquire a 30% interest in Shoreline Natural Resources.
Miran disposal completed.
Farmed-in to two licences in Papua New Guinea, PPL 319 and PRL 13.
Acheived record gross production since acquisiton of OML 30 of c.44,000 bopd in August.
Farmed-in to two further licences in Papua New Guinea, PPL 337 and PPL 437.
Heritage Oil Plc was acquired by Energy Investments Global Ltd., a wholly owned subsidiary of Al Mirqab Capital SPC.
The admission to trading of the Heritage Shares on the main market for listed securities of the London Stock Exchange and the listing of Heritage Shares on the premium segment of the Official List of the UK Listing Authority were cancelled.
Heritage had two Petroleum Agreements successfully ratified by the Government of Ghana in Parliament, covering two high impact offshore exploration licences.