London-listed explorer Heritage Oil is on track to increase production at a Nigerian licence nearly tenfold.
The Africa-focused firm said its OML 30 licence was now producing more than 35,000 barrels of oil per day (bopd), but said new wells to be drilled next year could help boost output to nearer 300,000bopd.
In a trading update issued ahead of its annual meeting, Heritage also said it was analysing data from more than 400 miles of seismic surveys in Tanzania.
The firm said the surveys covered two licences in the country, Rukwa and Kyela.
Heritage described the inital review of 372 miles of data from Rukwa as “encouraging”, adding it planned to drill the prospect next year.
It said further surveys would take place at Kyela later this year.
Chief executive Tony Buckingham said: “Good progress is being made across the portfolio with production levels back over 35,000bopd gross for OML 30, Nigeria.
“Further production gains are anticipated in the second half of this year through gas lift optimisation and the installation of new equipment, which will generate substantial revenue.
“We remain on track to meet our production target for the full year and are positioning ourselves for drilling across our portfolio in 2014.”
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