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Message: NR OLM 30 Nigeria closed...$ revenue instantly positive
9 November2012
Heritage Oil Plc ("Heritage" or the "Company")
HERITAGE ANNOUNCES THE SUCCESSFUL COMPLETION OF THE TRANSFORMATIONAL ACQUISITION OF A MAJOR INTEREST IN OML 30, NIGERIA
Highlights
· Acquisition of OML 30 (as defined below) in Nigeria has been successfully completed
· OML 30 is one of the largest onshore licences in Nigeria, with:
o eight producing fields and associated infrastructure, including an interest in a segment of
the Trans Forcados pipeline
the Trans Forcados pipeline
o gross proved and probable reserves of 1,114 mmbbls1 of oil, estimated by independent
technical consultants RPS Energy Consultants Limited ("RPS Energy")
technical consultants RPS Energy Consultants Limited ("RPS Energy")
o current production of c.35,000 bopd
o economic valuation of proved plus probable reserves estimated by RPS Energy at between
US$3,089 million and US$3,789 million2
US$3,089 million and US$3,789 million2
· The acquisition of OML 30 provides a step change in Heritage's production and reserves and cash
flow generation:
flow generation:
o proved and probable reserves net to Heritage, gross of royalty, have increased from 65
mmbbls3 to 412 mmbbls4 of oil, as estimated by RPS Energy
mmbbls3 to 412 mmbbls4 of oil, as estimated by RPS Energy
o year end production exit rate net to Heritage is estimated to be c.11,350 bopd5 compared
to an average production for 2011 of 673 bopd
to an average production for 2011 of 673 bopd
o it is expected that OML 30 will be cash generative immediately following completion of the
acquisition
acquisition
· Opportunities to further increase production:
o near term objective to increase production through refurbishing existing infrastructure,
including well work-overs and gas lift installation
including well work-overs and gas lift installation
o in the longer term, extensive drilling programme will target additional reservoir intervals
· Exposure to Nigeria provides Heritage with:
o exposure to a country reported to contain the second largest proved reserves in Africa6
o a platform for further growth in the region
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