Ultimate Media
Heritage Oil says the outlook for 2009 and beyond is highly encouraging following the narrowing of the 2008 operating losses.
The oil exploration company says that for the twelve months ended 31 December 2008 operating losses reduced to $37.6m from a loss of $49.6m previously.
It also says that petroleum and natural gas revenue increased to $5.1m from $3.7m the year before and that net production increased by 26% year-on-year.
The oil company says in a statement that operations in Uganda and the Kurdistan Region of Iraq are particularly promising, adding that they would continue to look for further strong results from investments and activities in other operating areas.
Heritage Oil says that sufficient oil volumes have been discovered in the Albert Basin, Uganda, to exceed the commercial threshold for development.
A further exploration and appraisal drilling programme is planned to start in Block 1, Uganda, in the second half of 2009
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