Heritage Oil Corporation reported total revenues of $1.1 million in the first quarter of 2003 compared with one million dollars during the same period last year. In Oman, the testing of the Tibat-1 well in the Arabian Gulf was completed and a new 3D seismic program on the West Bukha/Hengam discovery is being processed.
The company has interests in three development projects in this area and is evaluating its investment strategy for these future developments. Heritage also locked in selling prices well above current levels for 30,000 barrels of Bukha production for June settlement at $30.80 per barrel on the derivatives market.
Heritage is an international oil and gas corporation, with principal properties situated in the Republic of Congo, Oman and Uganda. Heritage's registered office is located in Calgary, Canada. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
