Heritage Oil issues an update regarding production levels in OML 30, Nigeria.

Gross production from OML 30 has returned to rates of over 35,000 bopd and all of the key fields are in production. The temporary factors which caused lower than expected production levels over the first quarter have been successfully addressed.

Work is underway with the objective of optimising existing facilities, including gas lift, which will enable production rates to increase in line with management forecasts during the remainder of the year. It is expected that, as previously announced, 2013 gross production from OML 30 will average 35,000 bopd. The drilling of new wells, planned to commence in the second half of 2014, should provide a significant increase to production with the longer term potential estimated at approximately 300,000 bopd gross. Infrastructure is in place with capacity of 395,000 bpd.

Tags: Heritage Oil Ltd.