Another newcomer to the main market...anybody any idea what the production figures are ?

We have joined your happy band, hope they play a good tune.

ohhhh so do I.

Interim Management Statement.


Highlights

· The Miran West-3 well was drilled to a total depth of 3,528 metres and the primary target of the Jurassic gas reservoir was successfully tested. The well is being suspended pending completion as a production well

· Well testing of the main Jurassic reservoir resulted in a constrained flow of up to 22 MMscf/d of wet gas with a yield of 20 bbl/MMscf of 55˚ API condensate

· It is estimated that this well will be capable of delivering 50 MMscf/d of wet gas and 1,000 bbl/d condensate when put into production

· The Miran East-1 well is currently at a depth of 2,020 metres. Oil shows encountered whilst drilling in the Upper Cretaceous are consistent with wireline log interpretation indicating the presence of hydrocarbons and pressure data indicates that the East and West structures are in communication

· Operations on Miran East-1 well are on schedule and drilling is expected to take a further five months

· The full processed 3D seismic, across the Miran Block, is now available and initial interpretation of the data has been completed

· Tanzania work programme commenced in the recently awarded Kyela and Rukwa licences with the acquisition of a high resolution gravity survey, following which a seismic programme is planned

· Production for the first quarter 2012 averaged 605 bopd, an increase of 40% on the same period in the prior year

· Cash position of approximately US$154 million, excluding amounts related to the Ugandan tax dispute, as at 31 March 2012

Bought at 187 on a June future and now 115, all looks promising but wheres the support?? Maybe when production increases we'll see it, question now is do I bother rolling my June future through to September?

a great deal rests with the outcome of their multi million dollar Ugandan court case.

read back page of today's ST biz section

I think the CEO, authorised the purchase pof a larger jet plane which I understand cost about $43ms. I should have thought they could have spent shareholder money better than that. Things like this do not help share prices. Plus a lot of uncertainty with court cases - think Re Tullow Oil and Uganda. = All may come right, but I prefer to invest elsewhere thank you
Not a loved share at present I think

I think the CEO, authorised the purchase of a larger jet plane which I understand cost about $43ms. I should have thought they could have spent shareholder money better than that. Things like this do not help share prices. Plus a lot of uncertainty with court cases - think Re Tullow Oil and Uganda. = All may come right, but I prefer to invest elsewhere thank you
Not a loved share at present I think

Heritage Oil - Unloved, forgotten and materially undervalued


http://www.oilvoice.com/n/Heritage_Oil_Unloved_forgotten_and_materially_undervalued/f8d93a853bad.aspx

..Heritage Oil next for clash over pay

By Emily Gosden | Telegraph – 1 hour 14 minutes ago

Heritage Oil faces a showdown over executive pay at its annual meeting on Thursday, after leading shareholder groups criticised its policies and urged investors to vote them down.

The Association of British Insurers (ABI) is understood to have issued a “red-top” alert against the FTSE 250 (FTSE: ^FTMC - news) oil explorer, its highest level of criticism, in objection to the two-year notice period of its executive directors.

Heritage Oil acknowledges that the policy, which applies to its chief executive, Anthony Buckingham, and chief financial officer, Paul Atherton, defies the London Stock Exchange’s best practice recommendations. But it said the notice periods “were set in place contractually prior to the Company’s listing on the LSE” in 2008. At last year’s meeting, when the policy was also red-topped by the ABI, more than 18pc of the shareholder vote was cast against the remuneration report. Investor sentiment has been more critical this year in the “shareholder spring”.

Pensions Investment Research Consultants (Pirc) urged shareholders to oppose Heritage’s remuneration report, criticising both the notice periods and Mr Buckingham’s £1.36m pay package, which included an annual bonus of £531,600.

Pirc said directors’ bonuses were “astonishing for a year in which the company racked up losses of $66.9m, lost over two thirds of its share price in 18 months, and is in dispute with the Ugandan Revenue Authority and Tullow Oil (Stuttgart: 591219 - news) over approximately $400m of tax liabilities, relating to the sale of its Ugandan oil and gas interests.”

Heritage Oil said the annual bonus, 25pc of the maximum possible, had been awarded based on a “rounded view” including non-financial performance measures, such as “the company’s excellent health and safety record”.

..

Commencement of Drilling

Heritage Oil Plc (LSE: HOIL), an independent upstream exploration and production company, announces that it has commenced drilling the Miran West-4 appraisal well in Kurdistan.

Highlights

· The Miran West-4 appraisal well has commenced drilling on the Miran Block in Kurdistan

· This is the fifth well to be drilled on the large Miran field and the fourth on the Western structure.

· The well is designed to further appraise the Upper Cretaceous oil reservoir

· The Company intends to test and evaluate several intervals as the well is drilled to a target depth of c.1,550 metres

· It is planned to drill a c.500 metre horizontal section in the oil bearing reservoir in order to maximise penetration of fractures

· The well is expected to take approximately three and a half months to drill and test

· On completion of the drilling, Heritage plans to undertake an extended well test of these oil bearing reservoirs selling between 3,000 to 5,000 barrels of oil gross per day into the local market

Crazy prices for some of these oil companies...lots of them ...way, way undervalued.....hold and wait...and add here and there.....and patience.....recovery...big recovery...this autumn....

From Sunday Telegraph - Emily Gosden:

Heritage Oil has agreed to buy a parcel of Nigerian assets from Royal Dutch Shell and its partners for $850m (£541m), as it seeks to build a major presence in the country.

The FTSE 250 company, led by chief executive Tony Buckingham, has formed a Nigerian joint-venture called Shoreline to buy a 45pc stake in a major onshore oil producing block known as OML 30. Shell owned 30pc of the block, with Total and ENI as minority partners. The majority 55pc stake is held by the Nigerian National Petroleum Corporation.

The deal, Heritage’s first foray into the country, will significantly increase its production, from 605 barrels of oil per day (bpd) currently to 11,354bpd. Heritage’s management believes production can be increased further.

The pending acquisition will also represent a more than three-fold increase in Heritage’s proven and probable reserves, to 278m barrels.

Mr Buckingham said the deal would be “transformational” for Heritage.

The deal will be funded through a $550m bridge finance loan from Standard Bank, and a subsequent $370m rights issue. The transaction is classified as a reverse takeover under listing rules, as Heritage’s market value on Friday night was £318m, and as such will need shareholder approval.

Shares will be suspended on Monday, pending an extraordinary general meeting.

RNS Number : 9993H
Heritage Oil PLC
19 July 2012



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, SOUTH AFRICA AND JAPAN





19 July 2012



Heritage Oil Plc

("Heritage" or the "Company")



HERITAGE ANNOUNCES PUBLICATION OF COMPETENT PERSONS

REPORT INCLUDING ANALYSIS OF OML 30, NIGERIA



Heritage Oil Plc (LSE: HOIL), an independent upstream exploration and production company, is pleased to announce the publication of an independent Competent Person's Report ("CPR") compiled by industry specialists RPS Energy Consultants Limited ("RPS"). On 29June 2012, Heritage announced the proposed acquisition of a major interest in Oil Mining Lease 30 in Nigeria ("OML 30") and this CPR has been commissioned to provide independent reserve and resource information and a valuation of OML 30, together with an update on certain existing assets in Heritage's portfolio.



The range of reserves and resources is as at 31 March 2012 and is based on the data and information available up until that date. The CPR assumes that the acquisition of OML 30 completes on 1 September 2012. All volumes are stated net of royalties unless otherwise stated.



Highlights:



· OML 30, Nigeria;

o Gross Proved plus Probable reserves(1): 1,114 million barrels, 58% higher than management estimates as set out in the announcement issued by the Company on 29 June 2012

o Proved plus Probable net entitlement reserves to Heritage: 396 million barrels of oil

o Economic valuation of Proved plus Probable reserves estimated at between US$3,089 million and US$3,789 million, depending on the income tax scenario (post-tax, net Heritage share, assuming a 10% discount rate)

· Zapadno Chumpasskoye Field, Russia;

o Proved plus Probable net entitlement reserves to Heritage: 65 million barrels of oil

o Economic valuation of Proved plus Probable reserves estimated at $336 million (post-tax, net Heritage share, assuming a 10% discount rate)

· Miran Field, Kurdistan Region of Iraq ("Kurdistan");

o Contingent Resources - mean estimate of Heritage working interest of 56.25%, gross of royalty: 366 million barrels of oil equivalent, comprising 53 million barrels of oil and condensate and 1,815 billion cubic feet of gas, resulting in a mean net entitlement volume to Heritage of 136 million barrels of oil equivalent

o 2C estimate of net entitlement to Heritage of Contingent Resources: 130 million barrels of oil equivalent, comprising 15 million barrels of oil and condensate and 669 billion cubic feet of gas based on Heritage interest of 56.25%

o Prospective Resources - mean(2) un-risked estimate of working interest of 56.25% to Heritage, gross of royalty: 142 million barrels of oil equivalent, comprising 96 million barrels of oil, 256 billion cubic feet of gas and condensate of 3.1 million barrels



(1) Full field (100% basis) gross of royalty

(2) The mean is a statistical aggregate which assumes that each of the three prospects is successful. The probability of this occurring is 3% for the oil and 12% for the non-associated gas and condensate.



Tony Buckingham, Chief Executive Officer, commented:



"This independent report, assessing OML 30 and certain existing assets, highlights the strength of our current portfolio and the transformational nature of the proposed acquisition of OML 30 which creates shareholder value and is cash generative upon completion. The economic valuation of between US$3.4 billion and US$4.1 billion given for the current 2P reserves at OML 30 and our assets in Russia underlines the significant opportunity we have to create substantial value for shareholders. There is considerable upside in OML 30 which has not been assessed in the CPR, notably gas in the licence, estimated by management at 2.5 TCF, as well as undeveloped reservoirs and behind pipe reserves in some of the developed reservoirs that have not currently been targeted with new wells. These additional resources could provide further significant upside which has not been quantified in the CPR. Also, significant value exists for the Contingent and Prospective resources within the Miran Field that has not been estimated in this report due to the classification as resources."

.

You'd think we'd see a rally from this news though once the suspension is lifted.

StockMarketWire.com
Heritage Oil is aiming to raise $370m through a rights issue to help pay for the acquisition of a 45% interest in OML 30 in Nigeria.

Shoreline Natural Resources Limited - a special purpose private Nigerian company formed between a subsidiary of Heritage and a local Nigerian partner, Shoreline Power - has agreed to pay $850m for the interest in the producing oil mining lease.

The proposed acquisition will be financed by a $550m secured bridge finance facility, and the rights issue.

Heritage expects to publish a prospectus in connection with the rights issue today (6 August).

NOTICE OF RESTORATION OF LISTING TO THE OFFICIAL LIST
7/08/2012 7:30 AM

RESTORATION - Heritage Oil PLC

http://www.moneyam.com/action/news/showArticle?id=4430207

Heritage (LSE: HOIL), an independent upstream exploration and production company, and its wholly owned subsidiary, Heritage Energy Middle East Limited ("HEME"), announce signed binding agreements with Genel Energy plc ("Genel") for: (i) the sale of a 26% interest in the production sharing contract relating to the Miran Block (the "Miran PSC") in the Kurdistan Region of Iraq ("Kurdistan") and corresponding interest in the related joint operating agreement (the "Miran JOA") to Genel for cash consideration of $156 million (the "Sale"); and (ii) a $294 million exchangeable loan to be provided by Genel to the Company contemporaneously with completion of the Sale (the "Loan").

The Sale is expected to be completed, and the Loan drawn down, on or before Wednesday, 22 August 2012.

Sold this morning at very slightly better than break even.