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

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.,.

But this one has....divi talk...increased production...

Markets pushing this one up like a wave in "The perfect storm" !...

On the up at last:

HERITAGE OIL ANNOUNCES RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013



Heritage Oil Plc (LSE: HOIL), an independent upstream exploration and production company, announces its results for the twelve months ended 31 December 2013. All figures are in US dollars unless otherwise stated.



2013 Operational Highlights

· Production from OML 30, Nigeria, increased during the year and record gross production since acquisition, of over 50,000 bopd has been achieved

· Maintenance work over OML 30 is progressing as planned

· 2013 average production from the interest in OML 30, Nigeria, net to Heritage of 8,919 bopd and net production from Russia of 577 bopd

· Continued the work programme in Tanzania through processing of 2D seismic data on Rukwa which has identified several prospects in the retained Rukwa South licence area. A geochemical survey of the Kyela licence has been completed and interpretation of the data is proceeding to schedule

· Expanded the exploration portfolio with the farm-in to four licences in Papua New Guinea ("PNG"); Petroleum Prospecting Licence 319 ("PPL 319"), Petroleum Retention Licence 13 ("PRL 13"), Petroleum Prospecting Licence 337 ("PPL 337") and Petroleum Prospecting Licence 437 ("PPL 437")

· Work programmes in PNG commenced with the acquisition and processing of seismic and evaluation of legacy datasets



2013 Financial Highlights1

· Total revenues, net to Heritage, for 2013 of $431.9 million

· Profit after tax from continuing operations of $100.4 million, an increase of 104% year-on-year

· Operating cash flows of $235.3 million in 2013 compared to cash outflows of $207.5 million in 2012

· Successfully completed the refinancing of the bridge loan facility with a five year $550 million Senior Secured Revolving Reserves Based Lending Facility drawn by Shoreline Natural Resources Limited ("Shoreline") in Nigeria

· Heritage cash at 31 December 2013 of $183.8 million



Outlook

· Continued investment in OML 30 during 2014, including the installation of gas lift compressors, refurbishment of equipment, statutory inspection and testing of all pressure vessels and inspection of all wellheads and pipelines continue to support well optimisation, which will result in further increases in production

· Development drilling on OML 30 remains on track for commencing in the second half of 2014

· As a result of an enforced shut-in at OML 30 during the first quarter of this year, total production, net to Heritage, for 2014 is estimated in the range of 14,500-18,000 bopd

· 2014 expected year end exit gross production rate from OML 30 between 65,000 and 70,000 bopd

· Exploration activity is set to increase with multi-well drilling campaigns planned for PNG and Tanzania

· Continue to look for further opportunities to create value

· Intention to become a long-term sustainable dividend payer commencing within the next 12 months

Rumours of a bid from Qatar circulating.