| Tue 1 Apr 2003, 14:31 | | Energy Africa Limited - Results Of Turaco -1 Well |
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Energy Africa Limited - Results Of Turaco -1 Well
Energy Africa Limited
Registration number : 1995/007140/06
(Incorporated in the Republic of South Africa)
JSE code: ENR ISIN code: ZAE000010427
ENERGY AFRICA : RESULTS OF TURACO -1 WELL
Energy Africa Limited is a South African-based oil and gas exploration and
production group which is listed on the Johannesburg and Luxembourg Stock
Exchanges.
Energy Africa wishes to bring to shareholders attention a press release made
yesterday by Heritage Oil Corporation in respect of the Turaco-I well in Block 3
in Uganda in which Energy Africa has a 50% interest. A copy of the press
release is attached.
Rhidwaan Gasant, Managing Director, said, "We are encouraged by the results of
the Turaco-1 well which confirms the potential for oil accumulations in the
Albertine Graben. In addition to our 50% interest in Block 3, Energy Africa
also has a 50% interest in Block 2 where we are currently engaged in acquiring
seismic over the lake area. Effectively therefore we have a 50% interest over
the Ugandan portion of the basin and are highly geared to exploration success"
01 April 2003
For more information about Energy Africa see: www.energyafrica.com.
Enquiries:
Energy Africa Ltd Adrian Nel +27 21 4007600
+27 82 806 8118
HERITAGE CONFIRMS UGANDA OIL POTENTIAL & OUTLINES
FURTHER INVESTMENT PLANS
Calgary, Alberta, March 31 - Heritage Oil Corporation (TSX: HOC.A), today
announced the preliminary results from its Turaco-1 well drilled in Block 3,
Uganda, and its 2003 development program.
Turaco-1 Results
The Turaco-1 well was drilled to 2,487 meters and encountered good shows of both
methane and higher order gasses (C1 to C4) and also shows of live oil. The shows
of methane were encountered over an interval spanning more than 500 meters and
were confirmed by logs. Towards the bottom section of the well higher order
gasses (C2 to C4) and live oil shows were encountered, but unfortunately
mechanical difficulties were experienced during the coring of this section,
which Heritage subsequently was unable to log.
Prospect Potential
The results of the well have vindicated the hydrocarbon potential of the basin
and demonstrated the presence of a mature oil source, reservoir and seal.
Seismic mapping on the onshore part of Block 3 acreage shows a number of
additional substantial prospects with potential oil resources measuring several
billions of barrels.
2003 Drilling and Seismic
Heritage and its joint venture partner, Energy Africa, have agreed to fast track
the drilling of Turaco-2, with a spud date expected in July/August 2003. Turaco-
2 will penetrate the section with live oil shows encountered by the Turaco-1
well, and will also target a deeper oil prospect defined following the
interpretation of the Turaco-1 results and the remapping of the Turaco prospect.
The Turaco-2 well is a commitment well and two further contingent wells are also
in the program.
Given the initial success that the Turaco-1 well has had in encountering
hydrocarbons, Heritage will be mobilising a substantially more powerful drilling
unit to Uganda to drill Turaco-2, which will have three times the power of the
previous rig. The joint venture also plans to mobilise well test equipment, to
ensure that a full evaluation of the prospect can be undertaken.
A 2D seismic acquisition campaign on Lake Albert will commence in early April
2003. This program will acquire 450 kilometres in Block 3 and will be part of a
larger program acquired by Hardman Resources in Block 2 in the northern part of
the Lake.
Michael Wood, CEO said "Heritage is confident of our continued success in Uganda
and our commitment is demonstrated by the mobilisation of a more powerful
drilling unit, well test equipment and a new seismic campaign. It is important
that we move forward with our team and the right equipment to further establish
the prospectivity and confirm the potential of the basin.
Micael Gulbenkian, Chairman added. "We are very pleased to be able to announce
such encouraging results from our Ugandan exploration play, which we believe has
the potential of being a new world class basin. This is an especially
encouraging result following the success of Heritage"s exploration well in Oman
announced earlier this year".
Heritage holds a 50% working interest in Block 3, Uganda and is the Operator,
Energy Africa Uganda Limited also holds a 50% working interest.
Heritage is an international oil and gas corporation, whose principal properties
are situated in the Republic of Congo, Oman and Uganda. Heritage"s registered
office is located in Calgary, Canada.
The Company"s "Class A" common shares trade on the Toronto Stock Exchange (TSX)
under the symbol HOC.A. This press release is not for distribution to United
States Newswire Services or for dissemination in the United States.
For further information please contact:
Investors Relations Contacts:
Cathy Hume, Cavalcanti Hume Funfer Inc., Toronto
Tel +1 416 868 1079
Fax +1 416 868 6198
Heritage, European Contact Details Canadian Contact Details
Michael Wood, Chief Executive Officer John McLeod, Director
Tel +44 20 7349 7604 Tel +1 403 234 9974
Fax +44 20 7351 1122 Fax +1 403 938 0048
If you would like to receive press releases via email contact Cathy Hume
(cathy@humekieran.com).
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.
