Heritage Oil optimistic about new acreage in Tanzania
Upstream exploration and production firm Heritage Oil has been awarded further acreage in Tanzania through the Kyela production and sharing agreement (PSA).
Upstream exploration and production firm Heritage Oil has been awarded further acreage in Tanzania through the Kyela production and sharing agreement (PSA).
The Kyela PSA has an area of 1,934 square kilometres but has never been previously targeted for hydrocarbon exploration.
However, Heritage remains optimistic: "gravity data over the area suggests the presence of a sedimentary section of sufficient thickness to allow for the generation of oil."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Heritage has a 100% interest in the project and is the sole operator.
"Following on from the award of the Rukwa PSA last year we are pleased to have been awarded further acreage in a prospective East African rift basin in Tanzania which could share geological similarities to the Albert Basin of Uganda," said Chief Executive Officer Tony Buckingham.
"Our expertise, both technical and operational, on rift basins will provide Heritage with a key advantage in assessing the prospectivity of both new awards," he said.
Shares nudged 0.45% higher to 201.7p in early trading on Wednesday.
BC
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published