Heritage Oil Limited
TSX : HOC
LSE : HOIL

Heritage Oil Limited

December 30, 2008 02:00 ET

Heritage Oil Spuds Giraffe-1 Exploration Well in Block 1, Uganda

CALGARY, ALBERTA--(Marketwire - Dec. 30, 2008) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Heritage Oil Limited (TSX:HOC)(LSE:HOIL) ("Heritage" or the "Company"), an independent upstream exploration and production company, announces that it has commenced drilling the Giraffe-1 exploration well in Block 1, Uganda.

Highlights

- Giraffe-1 continues the multi-well drilling programme in Block 1, Uganda

- Recent discoveries at Warthog-1 and Buffalo-1 in Block 1 have lowered exploration risk substantially

- Giraffe-1 is expected to take between two and three weeks to drill and complete

Drilling Activity - Block 1, Uganda

The Giraffe-1 exploration well, the third exploration well in the programme, is being drilled to an anticipated target depth of 800 metres and is expected to take approximately three weeks to drill and complete. Giraffe-1 is located five kilometres south-west of the successful Buffalo-1 well.

Heritage has had success in Block 1 recently with the Warthog and Buffalo discoveries. In addition, there are many other prospects mapped within the block from over 600 kilometres of seismic data acquired in the licence during the past 18 months. All are characterised by encouraging seismic amplitude anomalies similar to those seen over the Buffalo and Warthog discoveries. These all represent further prospects and leads which constitute additional multiple drilling targets within the block.

Tony Buckingham, CEO, commented:

"Operationally, 2008 has been an excellent year for Heritage as we have made extraordinary progress with our highly successful drilling programme in Uganda. This multi-well programme is continuing in Block 1 with the Giraffe-1 exploration well. We enter 2009 with high impact drilling programmes continuing in Uganda and the Kurdistan Region of Iraq."

Heritage is the Operator of Block 3A and Block 1 in Uganda with a 50% equity interest in the licences with Tullow Oil Plc holding the remaining 50% interest.

Notes to Editors

- Heritage is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 Index. The trading symbol is HOIL. Heritage has a further listing on the Toronto Stock Exchange (TSX:HOC).

- Heritage is an independent upstream exploration and production company engaged in the exploration for, and the development, production and acquisition of, oil and gas in its core areas of Africa, the Middle East and Russia.

- Heritage has producing properties in Oman and Russia and exploration projects in Uganda, the Kurdistan Region of Iraq, the Democratic Republic of Congo, Malta, Pakistan, Tanzania and Mali.

If you would prefer to receive press releases via email please contact Lindsay Carpenter (lindsay@chfir.com) and specify "Heritage press releases" in the subject line.

FORWARD-LOOKING INFORMATION:

Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Heritage - constitute forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves and recoveries; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties as disclosed under the heading "Risk Factors" in its Prospectus and elsewhere in Heritage documents filed from time-to-time with the London Stock Exchange and other regulatory authorities. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.

Contact Information

  • Heritage Oil Limited
    Tony Buckingham
    CEO
    +44 (0) 1534 873 000
    or
    Heritage Oil Limited
    Paul Atherton
    CFO
    +44 (0) 1534 873 000
    Email: info@heritageoilltd.com
    or
    Heritage Oil Limited
    Tanya Clarke
    Investor Relations
    +44 (0) 20 7518 0838
    Email: tc@heritageoilltd.com
    or
    Bell Pottinger Corporate & Financial - PR - Europe
    Nick Lambert
    +44 (0) 20 7861 3232
    Email: NLambert@bell-pottinger.co.uk
    or
    Bell Pottinger Corporate & Financial - PR - Europe
    Andrew Benbow
    +44 (0) 20 7861 3232
    Email: ABenbow@bell-pottinger.co.uk
    or
    CHF Investor Relations - Investor Relations - Canada
    Cathy Hume
    (416) 868-1079 x231
    Email: cathy@chfir.com
    or
    CHF Investor Relations - Investor Relations - Canada
    Lindsay Carpenter
    (416) 868-1079 x239
    Email: lindsay@chfir.com