Heritage takes stake in Libyan contractor

Heritage Oil has acquired a 51% controlling interest in Sahara Oil Services Holdings, the owner of SOS, an oilfield services provider in Libya.

Offshore staff

JERSEY, UK – Heritage Oil has acquired a 51% controlling interest in Sahara Oil Services Holdings, the owner of SOS, an oilfield services provider in Libya.

SOS, established in April 2009, can drill offshore and onshore and holds oil and gas licenses. The company has a large operational yard at its base in Benghazi, eastern Libya.

Over the past five months, Heritage, too, has established a base in Benghazi and has been in discussions with senior members of the National Transitional Council (NTC), the newly recognized government of Libya, and also the National Oil Co. and certain subsidiaries.

Dialogue with these parties continues via SOS, with Heritage examining ways of helping the NTC and the state oil companies rehabilitate existing fields and restart production.

Heritage also plans to use SOS to assist with drilling of targets in its acreage offshore Malta, and is looking to contract a rig to bring forward drilling of Area 7.

A data set of around 5,000 km (3,107 mi) of 2D seismic, including data acquired in July, has revealed multiple prospects and leads across areas 2 and 7. Heritage’s initial planned well will target reserves of around 500 MMboe.

10/04/2011

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