Heritage Oil Corporation: Tibat-1 Well, Oman Testing Completed.
CALGARY, Alberta--(BUSINESS WIRE)--March 3, 2003
Heritage Oil Corporation (TSX:HOC.A) today confirmed that the Tibat-1 Well, offshore Oman was a gas/condensate discovery and announced the results of the testing program.
The Tibat-1 well has confirmed a 185 meter gross hydrocarbon column of which 15 meters is in the Mauddud reservoir and 170 meters in the Upper Thamama reservoir. The Tibat-1 well tested 10-12 mmcf/d of gas, with associated condensate production rates of 75 bbl/mmcf/d.
The initial well results interpretation has confirmed the pre-drill gas reserve estimates of the Tibat structure and also significant condensate reserves potential. A gas-water contact has not been identified in the well, which may indicate further upside potential, provided that the gas column extends deeper in the Upper Thamama. Analysis of the production test data has also confirmed that certain zones are water-wet and that other zones have relatively high levels of inert gases of CO2 and N2.
The joint venture is planning to set cement plugs in the Tibat-1 well so that it could be re-entered at a later date. The Tibat development planning and evaluation work is ongoing and includes the possible drilling of Tibat at a crestal location, prior to making a development decision.
Heritage holds a 10% working interest in both Block 8, Oman (in which it holds an interest in the producing Bukha gas/condensate field) and in the adjoining Block 17 licence, through its wholly owned subsidiary Eagle Energy (Oman) Limited. Its partners in the Tibat-1 Well are Novus Petroleum Limited (Operator) 40%, LG International Corp. 25% and Atlantis Holding Norway 25%.
Heritage is an international oil and gas corporation, whose principal properties are situated in the Republic of Congo, Oman and Uganda. Heritage's registered office is located in Calgary, Canada.
The Company's "Class A" common shares trade on the Toronto Stock Exchange (TSX) under the symbol HOC.A. This press release is not for distribution to United States Newswire Services or for dissemination in the United States.
FORWARD-LOOKING STATEMENTS: 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 - are forward-looking statements 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.
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|Date:||Mar 3, 2003|
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