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Following
its acquisition of an interest in OML 30, Heritage Oil has secured a new
competent person's report (CPR) prepared by RPS which has increased the proved
and probable reserve (2P) estimate for its OML 30 project in Nigeria by 58
percent. The 2P reserve estimate for the Nigerian lease now stands at to 1,114
million barrels of oil, or 396 million barrels of oil net to Heritage, up 58
percent from the management's estimate released in June.
The CPR
valued the reserves at between US$3.09 billion and US$3.8 billion, depending on
the income tax. Earlier this year, Heritage announced the proposed acquisition
of a 45 per cent interest in the OML 30 fields and this report was
commissioned to provide independent reserve and resource information on
the assets.
Investors were encouraged by the news and shares in Heritage rallied five percent to 123 pence in early deals.
"This
independent report...highlights the strength of our current portfolio and the
transformational nature of the proposed acquisition of OML 30 which creates
shareholder value and is cash generative upon completion," said chief
executive of Heritage Tony Buckingham.
The
company also noted that OML 30 has an upside that has not been assessed in the
CPR including gas in the licence, which has been estimated by the management at
2.5 trillion cubic feet (tcf), as well as undeveloped reservoirs."These
additional resources could provide further significant upside which has not
been quantified in the CPR," said Buckingham. "Also, significant
value exists for the contingent and prospective resources within the Miran
field that has not been estimated in this report due to the classification as
resources," he added.
OML 30
is located onshore in the delta in Nigeria, less than 50 kilometres east of
Warri in Southern Nigeria. The lease covers 1,097 square kilometres and
includes eight main producing fields with oil and gas contained in numerous
stacked reservoirs, and the acquisition assets include a 45%
interest in the segment of the Trans Forcados pipeline between the Eriemu
manifold and the Forcados River manifold (the "OML 30 Trans Forcados
Pipeline Segment").
Source: NogIntelligence
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