HERITAGE Oil yesterday showed that its Nigerian problems are well and truly over, as it updated the market on soaring production levels and dangled the promise of a dividend for shareholders.
Shares in the
Production from the OML 30 oil field in
Further increases in production are expected this year, the company said.
"OML 30 operations are progressing in line with expectations, providing significant revenues and cash flow to Heritage which should enable the company to achieve its goal of paying a sustainable dividend stream to shareholders,' said chief executive
"Our interest in OML 30 will be used as a platform to grow and obtain additional interests in
Last year, engineering issues and local worker strikes sent Nigerian output plummeting down to 6,932 barrels of oil per day after a number of fields were shut down.
Heritage also said that talks with the Nigerian government about its tax status have "concluded successfully" but it is still quantifying the impact of this.
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