Heritage Oil Ltd

Heritage Oil Ltd

Overview

- HOIL is a versatile organisation with a portfolio of quality assets managed by a highly experienced team with excellent technical, commercial and financial skills

The Company was founded in 1992 and listed on the LSE in 2008. In 2014 was acquired by Energy Investments Global Ltd

- In 1997 HOIL became the first oil and gas company to actively explore in Uganda in 60 years. Subsequent exploration wells proved highly successful and opened up the basin

Over its 30 year history HOIL has had significant exploration success with discoveries in Angola, Congo, Uganda and Kurdistan 
Asset Overview

- HOIL typically focuses on regions which may have been overlooked and where it can participate as an early entrant. The asset portfolio provides both geographical and operational diversification

- Material corporate transactions undertaken in 2012 provided a balance to the portfolio with assets that include significant production and reserves. The joint venture company Shoreline Power Limited (“Shoreline”), created in partnership with Nigerian company Shoreline Power, has established an indigenous company which will provide a platform for further growth within the country. Through Shoreline, Heritage acquired an interest in OML 30, a world class asset. OML 30 lies onshore the Niger Delta in one of the most prolific oil provinces in the world and includes eight producing fields with oil and gas contained in numerous stacked reservoirs. Entry into Nigeria was partially funded through the disposal of interests in Kurdistan, for which an attractive valuation was achieved

- Exploration activity is focused on assets in Ghana, Papua New Guinea, and Malta:

- With its partners, Heritage holds 45% of both the Offshore South West Tano (OWST) and East Keta licence blocks in Ghana. OWST will be drilled in 2022 and East Keta will see seismic acquisition likely 2025. Both licences are highly prospective

- HOIL with its partner Kina holds attractive acreage in Papua New Guinea, a gas/condensate system close to existing and planned gas evacuation infrastructure. The proposed construction of a new LNG facility in the area increases the attractiveness of the holding

- HOIL holds 100% of Areas 2 and 7 in Malta. The areas contain the Caravaggio and Medina bank prospects. The prospects are ready to drill. This area of the Mediterranean is considered underexplored

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