StockMarketWire.com - Heritage Oil remains on track to meet its production target for the full year.

And the group says it is positioning itself for drilling across its portfolio in 2014.

Shareholders at the annual general meeting later today (20 June_ will be told that:

* Gross output on the OML 30 licence, Nigeria, is over 35,000 barrels of oil per day with all the key fields in production

* The work programme on OML 30 continues with the focus on gas lift optimisation

* Seismic acquisition and processing has been completed on the Rukwa licence, Tanzania, with the first well planned in 2014

* Encouraging results from reconnaissance seismic has confirmed the presence of structural features on the Kyela licence, Tanzania

* Seismic acquisition has completed on the Tuyuwopi structure, Papua New Guinea, and initial well studies are under way to enable drilling in early 2014

Chief executive Tony Buckingham said: "Good progress is being made across the portfolio with production levels back over 35,000 bopd 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.

"The exploration portfolio remains active with continued work programmes in Tanzania and Papua New Guinea. We remain on track to meet our production target for the full year and are positioning ourselves for drilling across our portfolio in 2014."



At 2:17pm: [LON:HOIL] share price was -3.1p at 139.4p


Story provided by StockMarketWire.com