Heritage Oil spuds Turaco-3 well in Uganda
CALGARY, Sep 27, 2004 (Canada NewsWire via COMTEX) -- Heritage Oil Corporation (TSX: HOC) today announced that Turaco-3, the third well drilled on the Turaco Prospect in western Uganda, was spudded September 24. Turaco-2, drilled earlier this year, encountered two hydrocarbon bearing zones, with an estimated gross pay of approximately 300 metres, which although the company was able to log fully, was unable to production test.
Turaco-3 is being drilled approximately 100 metres from the Turaco-2 surface location, with a higher capacity, conventional, third-party drilling rig. It is anticipated the well's total depth will reach 2,850 metres in about 60 days, with testing to follow before the year-end.
Heritage holds a 50% working interest in the project and is the operator.
Micael Gulbenkian, Chairman and CEO, said "the spudding of Turaco-3 is a significant event in the Company's history, providing as it does the potential for a world-class discovery in an unexplored sedimentary basin. I am pleased to report that notwithstanding the remote location and the absence of oilfield infrastructure in Uganda, we have been able to spud this well one month earlier than planned and under budget, which is a significant logistical achievement."
Heritage is an international oil and gas corporation, with principal properties situated in the Republic of Congo, Oman, and Uganda. Heritage's registered office is located in Calgary, Alberta.
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