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Thursday, February 19, 2009

Heritage Oil Announces First Oil From West Bukha Field, Oman

Wednesday, February 18, 2009

Heritage Oil Limited, an independent upstream exploration and production company, announces the commencement of oil and associated gas production from the West Bukha field in Block 8, located in the Strait of Hormuz offshore of the Sultanate of Oman ("Oman").
Heritage has a 10% working interest.Highlights- Initial gross flow rates of approximately 15,000 barrels of oil equivalent per day, comprising 10,000 barrels of 42 degree API oil and 30 million cubic feet (MMcf) per day of associated gas- West Bukha field has additional untapped potential- Provides a significant increase in current production levels for HeritageThe West Bukha field in Oman has commenced production with initial flow rates of approximately 10,000 barrels per day of good quality, light sweet, 42 degree API oil and 30 MMcf per day of associated gas from the Mishriff-Maudud and Thamama reservoirs.
Production is from two wells through a recently installed six-slot unmanned platform located in 90 metres of water approximately 25 kilometres from the Musandam Peninsula. The field is considered to have additional untapped potential which will require further appraisal.Production is tied through a sub-sea 12-inch multiphase flow line to the nearby Bukha production platform.
The Bukha gas condensate field, also in Block 8, commenced production in 1994 and today can flow an additional 10 to 15 MMcf per day of non-associated gas with condensate. Output from the two fields is transported to shore by a 33-kilometre multiphase pipeline for processing at the Khor Khwair plant in the Emirate of Ras Al Khaimah. Oil and condensate are slated for export and gas is delivered to industrial and commercial users in the Emirate.Eagle Energy (Oman) Limited, a wholly-owned subsidiary of Heritage, acquired its 10% working interest in Block 8 offshore Oman in 1996.
The licence area covers 423 square kilometres containing the Bukha gas condensate field and the West Bukha oil field. The West Bukha field straddles the maritime boundary between Oman and the Islamic Republic of Iran.Tony Buckingham, Chief Executive Officer, commented:"The successful development of the West Bukha field brings onstream a material increase to Heritage's production. Additionally, there is further potential within the field that is yet to be appraised which could provide a further boost to production levels. This marks a significant milestone for both the project and the joint venture partners."Heritage Oil has a 10% interest in Block 8 offshore Oman. The other joint venture partners are RAK Petroleum (operator and 40% interest) and LG International (50% interest).
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