(HOIL.L) Heritage Oil Buy/Sell

RNS Number : 6138C
  Heritage Oil PLC
  17 November 2009
   

17 November 2009                        

Heritage Oil Plc

("Heritage" or the "Company")

HERITAGE OIL INTERIM mANAGEMENT STATEMENT

Heritage Oil Plc (LSE: HOIL), an independent upstream exploration and production company, issues its Interim Management Statement for the period from 1 July 2009 to 16 November 2009, in accordance with reporting requirements of the EU Transparency Directive.

Highlights

* Appraisal drilling on Miran West structure, Kurdistan Region of Iraq, to commence later this month with further appraisal and development drilling planned in 2010

* Exploration drilling on the neighbouring Miran East structure planned for 2010    * High-impact exploration and appraisal, multi-well drilling campaign to commence in Block 1, Uganda, in early 2010    * Strong cash position of US$222 million, sufficient for current planned work programmes in 2010    * Discussions with Genel Energy International Limited ("Genel") are ongoing and it is hoped that a signed implementation agreement and prospectus will be published before the end of the year    * Commencement of Heritage's busiest schedule of exploration, appraisal and development work programmes ever

EXPLORATION ASSETS

Uganda 

Activity in Block 1 will recommence in early 2010 with a high-impact, six well, exploration and appraisal programme which will target the Buffalo East, Crocodile and Leopard prospects. This drilling campaign has the potential to add significantly to both the proven and contingent volumes of oil in Block 1.  Site preparation work has already begun for well locations. The successful drilling campaign, which concluded in January 2009, has substantially lowered the risk applied to many of the analogous prospects in this block. 

Drilling in Lake Albert in Block 3A, targeting the Pelican and Crane prospects, is planned for 2010. 

Heritage is planning for early commercialisation of the Ugandan oil resources, with potential first production in 2011, and discussions with the government of Uganda are in progress. Heritage's Ugandan oil production from Blocks 1 and 3A will form part of a phased development plan for the region, which will focus initially on development of the Kingfisher Field and utilise the existing railway network in East Africa. An export pipeline to the coast is also being considered by Heritage, as well as a scheme to service local markets. A number of parties have approached Heritage with a view to financing large scale infrastructure programmes in Uganda and discussions with these parties continue.

Kurdistan Region of Iraq

Drilling of the Miran West-2 well is expected to commence later this month and has been planned to appraise the reservoir sections previously encountered in the Miran West-1 discovery well, whilst minimising the risk of formation damage. The rig for Miran West-2 is currently moving approximately four kilometres north-west of the Miran West-1 well to the new location.  

Miran West-2 constitutes the start of a multi-well drilling programme in 2010 on the Miran Block, which includes an exploration well on the Miran East structure.

Planned Exploration and Appraisal Drilling Activity 

 Country                   Block    Prospect(s)           Interest  Estimated Spud Date
 Uganda                    Block 1  Buffalo East-1,       50%       Q1 2010
                                    Prospects 2 & 3
 Uganda                    Block 1  Crocodile-1,          50%       Q2 2010
                                    Leopard-1, Prospect
                                    6
 Kurdistan Region of Iraq  Miran    Miran West-2          75%       November 2009
 Kurdistan Region of Iraq  Miran    Miran East-1          75%       Q2 2010

Work programmes in Mali, Malta, Tanzania and Pakistan continue with the acquisition of seismic data and some drilling planned for 2010.

PRODUCING ASSET

Russia

Production for the third quarter averaged 422 bopd, 83% higher than during the first half of this year. Shipment of crude oil to Transneft commenced in November 2009, expanding oil marketing opportunities in addition to supplying local buyers. A Full Development Plan is being prepared and should be submitted to the authorities by year end.  
    

FINANCING

Heritage has a strong cash position of US$222 million at 30 September 2009, which covers ongoing work programmes and current plans for 2010 comfortably.

CORPORATE

Discussions with Genel are continuing with the terms of the merger nearing formal agreement. Both sides remain committed to completing the proposed transaction. It is hoped that the implementation agreement can be signed and the prospectus published before the end of the year.

Tony Buckingham, Chief Executive Officer, commented:

"Operationally, Heritage is about to embark on its busiest period ever with high-impact multi-well drilling programmes in Kurdistan and Uganda, providing the potential for a significant increase in oil volumes. The previous successful drilling campaign in Block 1, Uganda, has de-risked the prospects for the upcoming programme in Uganda significantly." 

- ends -

For further information please contact:

Heritage Oil Plc

Tony Buckingham, CEO / Paul Atherton, CFO  

+44 (0) 1534 835 400

info@heritageoilplc.com

Heritage Oil Plc - Investor Relations

Tanya Clarke

+44 (0) 20 7518 0838 

tanya.clarke@heritageoilplc.com

Bell Pottinger Corporate & Financial - PR - Europe

Nick Lambert 

+44 (0) 20 7861 3232

NLambert@bell-pottinger.co.uk 

CHF Investor Relations - Investor Relations - Canada

Cathy Hume / Lindsay Carpenter

+1 416 868 1079 x231 / x239

cathy@chfir.com / lindsay@chfir.com

Notes to Editors 

*     Heritage is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 Index. The trading symbol is HOIL. Heritage has a further listing on the Toronto Stock Exchange (TSX: HOC).

*     Heritage is an independent upstream exploration and production company engaged in the exploration for, and the development, production and acquisition of, oil and gas in its core areas of Africa, the Middle East and Russia. 

*     Heritage has a producing property in Russia and exploration projects in Uganda, the Kurdistan Region of Iraq, the Democratic Republic of Congo, Malta, Pakistan, Tanzania and Mali. 

*     All dollars are US$ unless otherwise stated

*     For further information please refer to our website, www.heritageoilplc.com 

This press release is not for distribution to United States Newswire Services or for dissemination in the United States.

If you would prefer to receive press releases via email please contact Lindsay Carpenter (lindsay@chfir.com) and specify "Heritage press releases" in the subject line.

FORWARD-LOOKING INFORMATION: 

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 - constitute forward-looking information 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" in its Prospectus and elsewhere in Heritage documents filed from time-to-time with the London Stock Exchange and other regulatory authorities. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. 

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
IMSIIFVVLALDLIA

RNS Number : 3016C
  Heritage Oil PLC
  10 November 2009
   

10 November 2009

Heritage Oil Plc 

(the "Company")

Block Listing Six Monthly Return

Heritage Oil Plc, an independent upstream exploration and production company, in accordance with Listing Rule 3.5.6, notifies the following details in respect of the block listing for its Share Option Scheme, Exchangeable Shares and Convertible Bonds:

 Name of applicant:                                    Heritage Oil Plc
 Name of scheme:                                       Share Option Scheme, Exchangeable Shares and Convertible
                                                       Bonds
 Period of return:               From:                 9 May 2009            To:              9 November 2009
 Balance of unallotted securities under scheme(s)      59,767,821
 from previous return:
 Plus:  The amount by which the block scheme(s) has    Nil
 been increased since the date of the last return (if
 any increase has been applied for):
 Less:  Number of securities issued/allotted under     5,789,139
 scheme(s) during period (see LR 3.5.7G):
 Equals:  Balance under scheme(s) not yet              53,978,682 
 issued/allotted at end of period:

More information about the Company is available on the Company's website at www.heritageoilplc.com.

                                                                                           - Ends -

For further information please contact:

Heritage Oil Plc

Tony Buckingham, CEO / Paul Atherton, CFO  

+44 (0) 1534 835 400

Email: info@heritageoilplc.com

Heritage Oil Plc- Investor Relations

Tanya Clarke

+44 (0) 20 7518 0838 

Tanya.clarke@heritageoilplc.com

Bell Pottinger Corporate & Financial - PR - Europe

Nick Lambert 

+44 (0) 20 7861 3232

NLambert@bell-pottinger.co.uk 

CHF Investor Relations - Investor Relations - Canada

Cathy Hume / Lindsay Carpenter

+1 416 868 1079 x231 / x239

cathy@chfir.com / lindsay@chfir.com

Notes to Editors 

*     Heritage is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 Index. The trading symbol is HOIL. Heritage has a further listing on the Toronto Stock Exchange (TSX: HOC). 

*     Heritage is an independent upstream exploration and production company engaged in the exploration for, and the development, production and acquisition of, oil and gas in its core areas of Africa, the Middle East and Russia. 

*     Heritage has a producing property in Russia and exploration projects in Uganda, the Kurdistan Region of Iraq, the Democratic Republic of Congo, Malta, Pakistan, Tanzania and Mali. 

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
BLRFFEFMSSUSEDF

RNS Number : 9624A Heritage Oil PLC 19 October 2009

19 October 2009

Heritage Oil Plc

("Heritage" or the "Company")

HERITAGE OIL ANNOUNCES updates in relation to THE TAQ TAQ oil field and the proposed acquisition of genel energy international LTD

Heritage Oil Plc (LSE: HOIL), an independent upstream exploration and production company, provides the market with information in relation to the Taq Taq oil field in the Kurdistan Region of Iraq ("Kurdistan") and an update on the proposed acquisition of Genel Energy International Ltd ("Genel"). Further to its announcement on 5 October 2009, Heritage issues this announcement in part to comply with its obligations under the FSA Disclosure and Transparency Rules in relation to the Taq Taq licence in which Genel has an interest.

Heritage understands that since 14 October 2009, all production from the Taq Taq oil field has been diverted into the local market. Production for export has ceased, in coordination with the other operators in the region, and export production is not expected to recommence until a payment mechanism is in place. Exports commenced on 1 June 2009, so far no revenue has been received for any exported production and none is expected until there is an agreement on the payment mechanism between the Federal Government of Iraq and the Kurdistan Regional Government.

According to Genel, the current gross production capacity of the Taq Taq oil field is approximately 35,000 bopd which is expected to increase to approximately 60,000 bopd by the end of December 2009 as new production facilities are completed. Average gross production for the Taq Taq oil field in September 2009, according to Genel, was 29,580 bopd, of which approximately 52% was sold into the domestic market, in part driven by the opening of the Erbil refinery in July. Current local demand for oil products in Kurdistan, as estimated by Douglas-Westwood Limited, an independent provider of business research and analysis, is approximately 130,000 bpd and this has historically been met through imports from neighbouring countries or other parts of Iraq.

Elections took place in Kurdistan at the end of July and a new government is in the process of being formed. A caretaker government is currently in place whilst the new Prime Minister forms his government, which is expected to be completed by early November. Heritage and Genel continue to monitor progress on the formation of the new government and expect formal approval of the proposed transaction once the new oil and gas committees are formally appointed, together with an understanding of the pricing and payment mechanism which is to be established for international sales from Kurdistan.

In addition, Heritage understands the FSA investigation previously disclosed continues and that the parties concerned are assisting with the FSA's enquiries. Heritage confirms that discussions with Genel are continuing with the terms of the merger nearing formal agreement. Both sides remain committed to successfully completing the proposed transaction, however the transaction is taking longer to conclude than had originally been estimated. We hope the implementation agreement can be signed and the prospectus published before the end of the year.

Tony Buckingham, Chief Executive Officer, commented:

"The understanding we have obtained in the past few months of the Genel assets and the domestic market for petroleum products in Kurdistan means that we remain committed to the Genel Energy merger.

It will create a leading company with oil production, exploration and refining capacity in the Kurdistan Region and is expected to generate significant value for shareholders as well as substantial tax revenues for the people of Iraq. The transaction is taking longer to conclude than both parties had originally planned, however we believe the implementation agreement can be signed and the prospectus published by the end of the year."

For further information please contact:

Heritage Oil Plc

Tony Buckingham, CEO / Paul Atherton, CFO

+44 (0) 1534 835 400

info@heritageoilplc.com

Bell Pottinger Corporate & Financial - PR - Europe

Nick Lambert

+44 (0) 20 7861 3232

NLambert@bell-pottinger.co.uk

CHF Investor Relations - Investor Relations - Canada

Cathy Hume / Lindsay Carpenter

+1 416 868 1079 x231 / x239

cathy@chfir.com / lindsay@chfir.com

Notes to Editors

RNS Number : 5727A Heritage Oil PLC 09 October 2009

9 October 2009

Heritage Oil Plc

(the "Company")

Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which

voting rights are attached:

Heritage Oil Plc

2. Reason for the notification:

Change in total number of voting rights

3. Full name of person(s) subject to the notification obligation:

Capital Research and Management Company

4. Full name of shareholder(s) (if different from 3):

5. Date of the transaction (and date on which the threshold is crossed or

reached if different) (v):

7 October 2009

6. Date on which issuer notified:

8 October 2009

7. Threshold(s) that is/are crossed or reached:

Below 11%

8. Notified details:

A: Voting rights attached to shares
Class/type of shares Situation previous to the Triggering Resulting situation after the triggering transaction
if possible using the ISIN transaction

Number of Shares Number of Voting Number of shares Number of voting % of voting
Rights rights rights
Indirect Direct Indirect Direct Indirect
JE00B2Q4TN56 31,566,000 31,566,000 31,566,000 31,566,000 10.9775 %

B: Financial Instruments Resulting situation after the triggering transaction
Type of financial instrument Expiration date Exercise/ Conversion Number of voting % of voting rights
Period/ Date rights that may be
acquired if the
instrument is
exercised/
converted.

n/a

Total (A+B)
Number of voting rights % of voting rights
31,566,000 10.9775%

9. Chain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held, if applicable (xv):

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

15. Contact telephone number:

<ends>

Enquiries

Heritage Oil Plc

Paul Atherton +44 1534 835 400

This information is provided by RNS The company news service from the London Stock Exchange

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