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Heritage Oil Corporation Re-Licenses Principal Acreage in Uganda

Source: www.gulfoilandgas.com 9/13/2004, Location: Africa

Calgary, Alberta, September 13– Heritage Oil Corporation today announced that the Government of the Republic of Uganda has re-licensed Block 3 for a further period of six years. Heritage first licensed Block 3 in the Albert Graben in 1997 and drilled two wells (Turaco 1 and 2). Turaco 2 encountered two potential hydrocarbon bearing zones, with an estimated gross pay of approximately 300 metres.

This new block, which has been designated Block 3A, occupies an area of 3,777 square kilometers. As is consistent with the previous Block 3 and the recently licensed Block 1, in Block 3A Heritage has a 50% interest, is the operator and its joint venture partner is Energy Africa.

Heritage is in the process of undertaking an accelerated exploration and appraisal program in Uganda. A traditional land based rig, to drill the Turaco-3 well, has been mobilized into country. The rig is being assembled and the casing and consumables are in the process of being shipped to the drill site. The Company is on track to drill and test the well this year. In addition, a 3D seismic survey is being shot over approximately 350 sq km over the area surrounding the Turaco-2 well that is now under the new Block 3A License.

Micael Gulbenkian, Chairman and CEO, said “we are delighted that the Government of Uganda re-licensed to Heritage the Block 3 area. The work undertaken to date gives us great confidence in the hydrocarbon potential of the Albert Graben and Heritage has a further six years to prove up the large structures which have been identified. Together with the recently acquired Block 1, we consider this re-licensing to be a major milestone in the development of the Company.”


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