Good year for Heritage

Monday 1st September 2008, 3:00PM BST.

OIL and gas exploration and production company Heritage Oil has announced an improved year on year performance for the six months to the end of June.

The company, which has Jersey 1(1)k resident Tony Buckingham as its chief executive officer, reported an 83 per cent increase in average daily production and a lower net loss.

In their interim report, released last week, production is said to be up to 503 barrels per day, from 275 the previous year, while net losses fell 21 per cent from $73.2 million to $58 million.

Petroleum and natural gas revenue grew 480 per cent from $0.5 million to $2.9 million, due to higher volumes of sales from Russia and Oman, and higher average commodity prices. At the end of the period the net cash balance was $144.7 million.

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