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

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.

UPDATE ON OPERATIONS

Heritage Oil Plc (LSE: HOIL), an independent upstream exploration and production company, today holds a Capital Markets Day for analysts and institutional investors where it will provide an update on its operations and work programme for 2013. No new material information will be given and the presentation will be posted on the website later today.

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Result of court case against Tullow Oil and the Government of Uganda should be decided soon.

sp falling have they lost the court case?

according to Uganda media HOIL lost the case. awaiting RNS from HOIL.

RNS HOIL states case continues and awaits final determination.

hali - is that good, bad or neutral for TLW?

cynic difficult to say at this stage, you never know with these type of cases,perhaps better to settle out of court.

not sure who was suing whom and for what :-)

Adds weight that TLW will also lose their case. This is all to do with Ugandan CGT on assets sold, and tax not paid.

Tullow is suing Heritage, its former partner in Uganda, for $313mn in the commercial court in London. It follows the $1.45bn purchase in July 2010 by Tullow of Heritage’s share of oil licenses at Lake Albert.

As soon as Tullow handed the purchase money over, the problems began. Heritage paid no ‘income tax’ on the cash it received. It left Uganda, arguing that the Production Sharing Agreements made no mention of capital gains tax and that there was no basis for the Government to claim $434mn from the transaction.

Heritage says in its defence that Tullow simply made the fundamental error of paying $1.45bn for assets which were worthless until the government of Uganda actually approved the deal. Once the tax dispute arose, the government paused the entire process, demanded tax, secured $121m of the total from Heritage as a ‘deposit’ (subject to arbitration) and turned its attentions to getting the rest from Tullow, who remained in the country and desperately needed the licenses it had bought to be turned into ‘production’ contracts.

http://platformlondon.org/2011/11/28/tullow-sues-heritage-uganda-pays-the-price-court-papers-published-for-300m-oil-trial/

StockMarketWire.com
Heritage Oil reports a transformational increase in production and revenue in the first quarter following the acquisition of an interest in the world class OML 30 licence in Nigeria.

Revenues rose to $236.2m - up from $2.3m last time - of which $234.5m was from the interest in Shoreline Natural Resources Limited, Nigeria, and $1.7m was from the interest in the Zapadno Chumpasskoye Field, Russia.

Production for the first quarter, net to Heritage, averaged 7,373 barrels of oil per day compared with 605 bopd a year ago.

Chief executive Tony Buckingham said: "Production from OML 30 is increasing back to previous levels and we expect to see gross production at 35,000 bopd within a month. Further substantial gains are anticipated in the second half of this year through optimising current facilities and improving the gas lift system.

"Our acquisition of an interest in OML 30 remains the largest upstream onshore asset transaction in sub-Saharan Africa on a 2P basis and positions Shoreline as one of the largest indigenous oil companies in Nigeria. Activity across the exploration portfolio has also increased with active work programmes in Tanzania and Papua New Guinea."

Very good news today reporting a substantial increase in oil production. With a market cap. of £350 mil, could this be looking cheap. Anyone with any comments?

HOIL looking a bit oversold at present, this should recover back up to retest £2.20 again and hopefully stay above it during 2014! T.B is also a large shareholder so interest is aligned with the P.I's somewhat. Most brokers have a £3 target for this double the current share price! And no stamp duty when you buy the shares makes it good for larger buy trades!

RNS oil production up to over 50000 bopd, dividend suggested in 2014.

SP heading north again a couple of large transactions (2mil) earlier shown as sales? Looking forward to some good news.

Steady steep rise here....not sure why when you look at GKP or GENL...

Still going up....good...wish GKP would as well...

I need another couple of quid yet so keep going, held these for around three years..... oh dear.,.