Heritage Oil Announces Results for the Year Ended 31 December 2013
30 Abril 2014 - 1:00AM
Marketwired Canada
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES.
Heritage Oil Plc (TSX:HOC)(LSE:HOIL) ("Heritage" or the "Company"), an
independent upstream exploration and production company, announces its results
for the twelve months ended 31 December 2013. All figures are in US dollars
unless otherwise stated.
2013 Operational Highlights
-- Production from OML 30, Nigeria, increased during the year and record
gross production since acquisition, of over 50,000 bopd has been
achieved
-- Maintenance work over OML 30 is progressing as planned
-- 2013 average production from the interest in OML 30, Nigeria, net to
Heritage of 8,919 bopd and net production from Russia of 577 bopd
-- Continued the work programme in Tanzania through processing of 2D
seismic data on Rukwa which has identified several prospects in the
retained Rukwa South licence area. A geochemical survey of the Kyela
licence has been completed and interpretation of the data is proceeding
to schedule
-- Expanded the exploration portfolio with the farm-in to four licences in
Papua New Guinea ("PNG"); Petroleum Prospecting Licence 319 ("PPL 319"),
Petroleum Retention Licence 13 ("PRL 13"), Petroleum Prospecting Licence
337 ("PPL 337") and Petroleum Prospecting Licence 437 ("PPL 437")
-- Work programmes in PNG commenced with the acquisition and processing of
seismic and evaluation of legacy datasets
2013 Financial Highlights(1)
-- Total revenues, net to Heritage, for 2013 of $431.9 million
-- Profit after tax from continuing operations of $100.4 million, an
increase of 104% year-on-year
-- Operating cash flows of $235.3 million in 2013 compared to cash outflows
of $207.5 million in 2012
-- Successfully completed the refinancing of the bridge loan facility with
a five year $550 million Senior Secured Revolving Reserves Based Lending
Facility drawn by Shoreline Natural Resources Limited ("Shoreline") in
Nigeria
-- Heritage cash at 31 December 2013 of $183.8 million
Outlook
-- Continued investment in OML 30 during 2014, including the installation
of gas lift compressors, refurbishment of equipment, statutory
inspection and testing of all pressure vessels and inspection of all
wellheads and pipelines continue to support well optimisation, which
will result in further increases in production
-- Development drilling on OML 30 remains on track for commencing in the
second half of 2014
-- As a result of an enforced shut-in at OML 30 during the first quarter of
this year, total production, net to Heritage, for 2014 is estimated in
the range of 14,500-18,000 bopd
-- 2014 expected year end exit gross production rate from OML 30 between
65,000 and 70,000 bopd
-- Exploration activity is set to increase with multi-well drilling
campaigns planned for PNG and Tanzania
-- Continue to look for further opportunities to create value
-- Intention to become a long-term sustainable dividend payer commencing
within the next 12 months
Tony Buckingham, Chief Executive Officer, commented:
"2013 has been an extraordinary year for Heritage and Shoreline with a step
change in production and operating cash flow enabling us to expand our
exploration portfolio through acquiring additional exciting exploration
opportunities. Our progress during 2013 resulted from the continued development
of OML 30 in Nigeria and the decision to enter Papua New Guinea, whilst
continuing with our work programme in Tanzania. Our balanced portfolio includes
significant producing fields and an enlarged exploration portfolio providing
both geographic and operational diversification. Cash flow generation from OML
30 is now so robust that it is our intention to become a long-term sustainable
dividend payer commencing within the next 12 months."
(1) In order to be prudent, the Group has changed the accounting policy for the
proportion of Shoreline it consolidates into its results and it now
proportionally consolidates Shoreline's financial results using 90% which is the
eventual economic rights before completion of the partner's option.
Heritage's 2013 Annual Report and Accounts will be available on its website at
www.heritageoilplc.com.
Copies of these filings may be obtained under Heritage Oil's SEDAR profile at
www.sedar.com.
Conference call
Conference call
There will be an analyst teleconference hosted by Paul Atherton, Chief Financial
Officer, at 12:30pm British Summer Time today. The presentation that accompanies
the call will be available on the Heritage Oil website (www.heritageoilplc.com).
To access the call please dial the appropriate number below shortly before the
scheduled start time and ask for the Heritage Oil Plc conference call or quote
the following conference code to the operator: 8555827
The dial in details are:
UK dial in: 0800 279 4992
International dial in: +44 (0) 207 136 2055
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 internationally.
-- Heritage has producing assets in Nigeria and Russia and exploration
assets in Tanzania, Papua New Guinea, Malta, Libya and Pakistan.
-- All dollars are US$ unless otherwise stated.
-- For further information please refer to our website,
www.heritageoilplc.com.
If you would prefer to receive press releases via email please contact Jeanny So
(jeanny@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 dated 6 August 2012, as supplemented by a supplementary
prospectus dated 23 August 2012, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Heritage Oil Plc
Tony Buckingham
CEO
+44 (0) 1534 835 400
Heritage Oil Plc
Paul Atherton
CFO
+44 (0) 1534 835 400
info@heritageoilplc.com
Heritage Oil Plc
Tanya Clarke
Investor Relations
+44 (0) 20 7518 0838
Heritage Oil Plc
Claire Harrison
Investor Relations
+44 (0) 20 7518 0827
ir@heritageoilplc.com
www.heritageoilplc.com
Media Enquiries
Ben Brewerton
+44 (0) 20 7831 3113
heritageoil.sc@fticonsulting.com
Canada
Cathy Hume
+1 416 868 1079 x231
cathy@chfir.com
Canada
Jeanny So
+1 416 868 1079 x225
jeanny@chfir.com
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