Heritage Oil gets forecast boost

The Nigerian oil mining lease in the process of being bought by UK independent Heritage Oil has 58 per cent more proved and probable reserves than previously estimated, Heritage said yesterday citing a report by industry specialists RPS Energy Consultants.

The independent report, commissioned to assess OML 30, has increased the block’s proved and probable reserves to 1.114bn barrels of oil, compared with Heritage’s 29 June estimate of 707m barrels. “There is considerable upside,” said Heritage chief Tony Buckingham.