|
April
18, 2006
Heritage Oil Corporation reports excerpts from its
business plan for the next 12 months. Heritage's
current cash balance is more than sufficient to
cover all of the planned capital expenditures and
commitments for 2006. Targeted projects include:
Kurdistan, Iraq
• Conversion of Memoranda of Understanding (MOUs) in
Kurdistan, Iraq to production sharing agreements (PSAs).
K Petroleum Company (KPC), a 50%-owned subsidiary of
Heritage, has entered into two MOUs with the Oil,
Gas and Petrochemical Establishment of the
Government of the Autonomous Region of Kurdistan,
Iraq to undertake field studies over an area
exceeding 1,300 square kilometres.
• Iraq's new constitution, initiated in 2005, gives
the Government of the Autonomous Region of Kurdistan
the exclusive authority to enter into oil and gas
licenses 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.
Southern Iraq
• Heritage Middle East Limited, a wholly-owned
subsidiary of Heritage, continues to negotiate with
the Ministry of Oil in Baghdad to obtain MOUs to
undertake exclusive detailed field studies and to
prepare development plans over a number of oil
fields.
www.oilvoice.com
Top |
® 