Upstream exploration company Heritage Oil hailed “great progress” in the third quarter after seeing revenues up more than 2000% on the same period last year.
The company today reported revenues of £30.5 million for the three month period, compared with £1.3 million in Q3 2012.
The vast majority of revenue – £28.8 million – was generated from the company’s interest in Shoreline Natural Resources, Nigeria, with the remainder – £1.7 million – from its interest in the Zapadno Chumpasskoye Field in Russia.
Production for the quarter, net to Heritage, averaged 11,649 barrels a day, compared with 617 barrels in Q3 2012.
The company is extending its interests in Nigeria by forming a joint venture alliance with Bayelsa Oil Company, and production at the Uzere West Field is due to start shortly with the field expected to reach gross production of 5,000 barrels a day within the next few weeks.
“We are making great progress across all aspects of our balanced portfolio with exciting new exploration acreage and production from existing operations increasing,” said chief executive Tony Buckingham.
“Nigeria is a key focus for Heritage and we have recently engaged with Bayelsa State to enable us to increase our footprint further within the region.”
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