re: HOC.TO - Heritage Oil C$24.00
OMAN update !
another great PR and upcoming visibility from Heritage
Heritage Oil's West Bukha-2 well in Oman test produces 4,392 bopd
11/8/2006
TORONTO, Nov. 8, 2006 (Canada NewsWire via COMTEX News Network)
Heritage Oil Corporation (TSX: HOC) today announced that Indago Petroleum Limited, the operator of the West Bukha-2 well in Block 8 offshore the Sultanate of Oman, in which Heritage is a 10% partner, today issued the following press release:
Successful Testing of West Bukha-2 Well, Offshore the Sultanate of Oman
-----------------------------------------------------------------------
Highlights
<< - Significant oil flowrates, of over 4,000 bbls/d, on secondary target (Thamama) of the West Bukha-2 well. - Further testing, of the primary reservoir target (Mishrif/Mauddud) planned. >>
Indago Petroleum ("the Company"), the oil and gas exploration and production company operating in Oman and the UAE, is pleased to announce that Indago Oman Limited ("IOL") (a wholly owned subsidiary of Indago Petroleum Limited), as operator of Block 8, along with our partners, Eagle Energy (Oman) Limited (10%) and LG International (50%), has commenced testing operations on the West Bukha-2A (WB2A) well.
The original wellbore, West Bukha-2, which penetrated the Shuaiba and Kharaib reservoirs of the Thamama in August, was subsequently sidetracked after the drill string parted while drilling. The wellbore was then renamed WB2A. WB2A was drilled to a depth of 4,529m and plugged back to 4,383m after electric wireline logs had been obtained.
The first flowing test was carried out on the uppermost Shuaiba section of the Thamama formation, over an open-hole interval from 4,363m to 4,383m (MDRKB). After acidisation and an initial clean-up period the well flowed at a stable average rate of 3,524 bbls/d of 42 degrees API oil and 1.0 mmscf/d of gas for six hours on a choke size of 36/64" and flowing tubing pressure of 2,512 psia. On opening the choke size to 50/64" the rate increased to an average of 4,392 bbls/d oil and 1.4 mmscf/d of gas with a tubing pressure of 1,711 psia measured over a period of four hours. Following the end of the flow period, the well will be shut-in for a pressure build-up survey.
Both the primary reservoir (Mishrif-Mauddud) and secondary target (Thamama) were encountered high to prognosis, which resulted in a longer hydrocarbon bearing interval in the Thamama than expected. However, the Shuaiba section of the Thamama has not previously formed part of Indago's reported, audited, 2P reserve estimates.
Flow rates of up to 13.6 MMscf/d and 2,910 bbls/d of condensate have previously been obtained in the Mishrif formation, which lies above the Thamama, in the 1976 discovery well. Following the testing of the Thamama, Indago and their partners plan to conduct a second flow in the Mishrif-Mauddud, which will be the subject of a later release.
Peter Sadler, CEO of Indago Petroleum commented:
"We are delighted to have demonstrated such strong oil flow rates from a reservoir that has yet to be assigned commercial reserves in this field. We are also very pleased, based on log data, to have successfully penetrated, but not yet flowed the primary target.
This new information will be utilised in our field development planning which is targeting first production in 1Q 2008. In addition we hope further testing will increase reserves on our balance sheet."
Heritage's 10% working interest in Block 8 is held through its 100%-owned subsidiary, Eagle Energy (Oman) Limited.
Heritage is an international oil and gas corporation with a producing property in the Sultanate of Oman, a development property in Russia and exploration projects in the Republic of Uganda and the Democratic Republic of Congo. The Company announced the sale of its interests in the Republic of Congo, subject to certain pre-emption rights and conditions precedent, on June 7, 2006. Through its subsidiary KPC, the Company is pursuing opportunities in the Kurdistan region of Iraq, whilst Heritage Middle East is focusing on the other regions of Iraq.
The Company's Common Shares trade on the Toronto Stock Exchange under the symbol HOC.
If you would prefer to receive press releases via email contact Ana Augusta (ana@chfir.com) and specify "Heritage press releases" in the subject line.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Heritage - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves and recoveries; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations: political and regulatory risks; and other risks and uncertainties as disclosed under the heading "Risk Factors" and elsewhere in Heritage documents filed from time-to-time with the Toronto Stock Exchange and other regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
%SEDAR: 00010129E
SOURCE: Heritage Oil Corporation
Investors Relations Contacts: CHF Investor Relations, Cathy Hume, Tel (416) 868-1079 x231, Email cathy@chfir.com; Heather Colpitts, Tel (416) 868-1079 x223, Email heather@chfir.com;
Heritage Oil Corporation,
European Contact Details, Tony Buckingham or Paul Atherton, Tel +41 91 973 1800 or +44 870 011 5555, Fax +41 91 973 1808 or +44 20 7629 3863, Email info@heritageoilcorp.com;
Canadian Contact Details, John McLeod, Tel (403) 234-9974, Fax (403) 261-1941
Copyright (C) 2006 CNW Group. All rights reserved. |
