Heritage Oil Plc yesterday said it had continued its positive momentum into its third quarter with vastly increased production and sales on the ramp-up of its OML 30 licence in Nigeria. The exploration and production oil and gas company said its sales increased to USD49.1 million for the three months ended September 30, compared with USD2.1 million in the same period the previous year.
Heritage said the majority of its sales came from Shoreline Natural Resources Limited in Nigeria after its acquisition of interest in the OML 30 licence transformed company finances. The company said its production ramped up to 11,649 barrels of oil per day average during the three months, compared with 617 barrels the previous year, which also represents a 60 per cent increase on the first half of the year.
Heritage Oil said its Uzere West Field in Nigeria will commence production shortly and is expected to reach gross production of 5,000 barrels of oil per day within the next few weeks. The company also said it is currently planning a drilling programme for 2014/2015. Heritage Oil shares were up 5.9 per cent to 183.75 pence as at Tuesday.