|
CALGARY, Feb. 28 /CNW/ - Heritage Oil
Corporation (TSX: HOC) today announced that the Oil,
Gas and Petrochemical Establishment (OGE) of the
Government of the Autonomous Region of Kurdistan,
Iraq has entered into a second exclusive Memorandum
of Understanding (MOU) with K Petroleum Company (KPC)
to undertake integrated reservoir field studies over
several fields located south of the Erbil Mosul main
road.
KPC is a wholly-owned subsidiary of Heritage Erbil
Oil Limited, which is a joint venture company
co-owned with a major economic and industrial entity
within the Autonomous Region of Kurdistan, Iraq.
Micael Gulbenkian, Chairman and CEO of Heritage,
said: "This second MOU demonstrates KPC is
well-positioned in the Autonomous Region of
Kurdistan, Iraq. We are delighted that KPC has been
selected to undertake these studies. KPC's two MOUs
cover an area of approximately 1,300 km(2).
Preliminary negotiations to convert both MOUs into
Production Sharing Agreements (PSA) have begun and
we anticipate they will be completed within the next
three months."
Fieldwork in the first MOU area commenced in
January. The planned 120-day field program includes
undertaking magnetic and gravity studies as well as
geological fieldwork. This work is being undertaken
without any prevailing operational issues.
KPC plans to commence studies in the second MOU
shortly. The scope of work includes regional
studies, geological field mapping, magnetic and
gravity surveys and satellite data interpretation.
Additionally, the scope of work shall include the
determination of hydrocarbon in place volumes and
reserves from interpretation of all available data,
utilising the latest reservoir characterisation and
modelling technology.
Iraq's new constitution, entered into in 2005, gives
the Kurdistan Regional Government the exclusive
authority to enter into oil and gas licences
over exploration areas and non-producing fields
within its territory. KPC and Heritage have kept the
Ministry of Oil in Baghdad fully informed of all
developments.
Heritage is an international oil and gas corporation
with producing properties in the Republic of Congo
and Sultanate of Oman, a development property in
Russia and exploration projects in the Republic of
Uganda. Heritage Middle East, which is focusing on
Iraq, has established an office in Amman, Jordan,
which it intends to re-locate to Baghdad when the
security situation permits.
The Company's Common Shares trade on the Toronto
Stock Exchange under the symbol HOC.
FORWARD-LOOKING STATEMENTS: Except for statements of
historical fact, all statements in this news release
- including, without limitation, statements
regarding production estimates and future plans and
objectives of Heritage -are forward-looking
statements that involve various risks and
uncertainties. There can be no assurance that such
statements will prove to be accurate; actual results
and future events could differ materially from those
anticipated in such statements. Factors that could
cause actual results to differ materially from
anticipated results include risks and uncertainties
such as: risks relating to estimates of reserves and
recoveries; production and operating cost
assumptions; development risks and costs; the risk
of commodity price fluctuations: political and
regulatory risks; and other risks and uncertainties
as disclosed under the heading "Risk Factors" and
elsewhere in Heritage documents filed from
time-to-time with the Toronto Stock Exchange and
other regulatory authorities. The Company disclaims
any intention or obligation to update or revise any
forward-looking statements, whether as a result of
new information, future events or otherwise.
www.newswire.ca
Top |
® 