Losses trimmed at Heritage Oil

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Date: Thursday 28 Aug 2008

LONDON (ShareCast) - Oil exploration and production company Heritage Oil saw net losses pared as it ramped up production and benefited from the surge in oil prices.

Average daily production in the first half of 2008 increased by 80% to 503 barrels per day (bpd) from 275 bpd in the corresponding period of 2007.

The sales volume more than tripled to 458 bpd from 133 bpd a year earlier, while the average realised price per barrel jumped 78% to $34.9 from $19.6.

Revenue from petroleum and natural gas sales improved to $2.9m from $0.5m. Loss after tax narrowed to $58m from $73.2m.

Cash capital expenditure during the period was $60.3m, up from $40m a year earlier.

At the half-year stage the company’s net cash balance was $144.7m.

“'The remainder of 2008 and the beginning of 2009 will be an exciting time for Heritage as we test Kingfisher-2, embark on a multi-well drilling programme in Uganda and spud our first well in the Kurdistan Region of Iraq,” said chief executive officer Tony Buckingham.

“We believe that continued successful drilling in the Albert Basin in 2008 will prove up sufficient reserves for commercial development in Uganda,” Buckingham said.

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