Heritage Oil Plc (HOIL.L), an independent upstream exploration and production company, issued an update on production levels in OML 30, Nigeria.
Gross production from OML 30 has returned to rates of more than 35,000 bopd, with all the key fields in production. The temporary factors leading to lower than expected production levels over the first quarter were successfully addressed.
Work is in progress with the aim of optimising existing facilities, including gas lift, which would enable production rates to increase in line with management forecasts in the remainder of the year. The 2013 gross production from OML 30 is expected to average 35,000 bopd, as announced earlier. The drilling of new wells, planned to begin in the second half of 2014, should provide a significant increase to production with the longer term potential estimated at about 300,000 bopd gross. Infrastructure is in place with capacity of 395,000 bpd.
Separately, engagement with the local communities and the establishment of a long term Global Memorandum of Understanding with them is continuing. With the work schedule progressing in line with the company's update last month, Heritage Oil is on track to meet its full-year production target.
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