Heritage Oil Corporation has signed a Production Sharing Agreement (PSA) with the government of Congo to gain a 39.6% working interest in Blocks I and II. Together these cover an area over 6,000 square kilometres.
The PSA includes the portion of Lake Albert that lies in DRC adjacent to Heritage's Block 3A and Hardman Resource's Block 2 licenses in Uganda and covers both onshore and offshore acreage. Work is expected to commence on the blocks by year-end, following a Presidential Decree ratifying the Blocks, with a number of technical studies in preparation for the acquisition of 400 km of 2D seismic data on Lake Albert in 2007. This seismic campaign will target potential extensions to the geological play types already identified in the region.
Heritage's partners in the PSA are Tullow plc, its same partner as inUganda, which holds a 48.4% interest and is the Operator of the license, while COHYDRO, the Congo state oil company, holds the remaining 12%.
