Heritage Oil to expand into Tanzania

Heritage Oil Limited signs documentation to farm-in to two exploration licences in Tanzania. The licences, known as the Kimbiji and Latham Areas, cover approximately 9,300 square kilometres and are held under one production sharing agreement (PSA).

The Latham and Kimbiji Areas, covering 5,056 sq. km. and 4,298 sq. km. respectively, encompass onshore (1,881 sq. km.), near shore (2,981 sq. km.), and deep water (4,491 sq. km.) areas. The PSA was awarded by way of a competitive tender process to Petrodel Resources Ltd (”Petrodel”) by the Tanzanian Government in September 2006 with exploration periods of four years,
followed by extensions of four years and three years respectively, with the right to a development licence with a term of 25 years.

Under the terms of the farm-in agreement with Petrodel, Heritage has the right to earn a 70% working interest in the Kimbiji Area, and a 29.9% working interest in the Latham Area.