Hertiage Oil

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Overview

Heritage is a versatile organisation with a portfolio of quality assets managed by a highly experienced team with excellent technical, commercial and financial skills. The Company has producing assets in Nigeria and Russia and exploration assets in Tanzania, Papua New Guinea, Ghana, Malta and Libya.


Acquisition

On the 30 June 2014, Heritage Oil Plc was pleased to announce that its acquisition by Energy Investments Global Ltd., a wholly-owned subsidiary of Al Mirqab Capital SPC, became effective. 

The listing of Heritage Shares on the premium listing segment of the Official List of the UK Listing Authority and trading in Heritage Shares on the main market for listed securities of the London Stock Exchange were suspended at 7.30 a.m. on 27 June 2014.

On 1 July 2014 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.

Asset Overview

Heritage typically focuses on regions which may have been overlooked and where it can participate as an early entrant. The asset portfolio provides both geographical and operational diversification.

Material corporate transactions undertaken in 2012 provided a balance to the portfolio with assets that include significant production and reserves. The joint venture company Shoreline Natural Resources Limited (“Shoreline”), created in partnership with Nigerian company Shoreline Power, has established an indigenous company which will provide a platform for further growth within the country. Through Shoreline, Heritage acquired an interest in OML 30, a world class asset. OML 30 lies onshore the Niger Delta in one of the most prolific oil provinces in the world and includes eight producing fields with oil and gas contained in numerous stacked reservoirs. 

Entry into Nigeria was partially funded through the disposal of interests in Kurdistan, for which an attractive valuation was achieved.

Heritage has held an interest in Russia since 2005 and has acquired 2D seismic, constructed pilot production facilities, commenced field production, drilled four wells and re-entered an existing well. A revised field development plan was submitted and this has been approved by the regulatory authorities at the end of December 2012.

Activity on the exploration portfolio is focused on Tanzania and Papua New Guinea.

In Tanzania a comprehensive drilling logistics study continues on the Rukwa licence with drilling slated to commence in 2014. On the Kyela licence, the interpretation of seismic data has provided further encouragement with respect to the prospectivity of the area.

Heritage farmed-in to licences onshore Papua New Guinea in 2013 and now has four licences. Seismic was acquired earlier in the year across the Tuyuwopi structure on PPL 319 confirming a drilling location and plans are underway to drill the prospect in 2014. More recently Heritage has farmed into PPL 337 and PPL 437 where the work programmes are expected to progress quickly with wells slated for 2014.

In July 2014 Heritage expanded its portfolio and was awarded two high impact exploration licences in offshore Ghana. The awards provide the opportunity to explore a well-known hydrocarbon region.