Her­itage Pe­tro­le­um has an­nounced that it has suc­cess­ful­ly spud Well FR1831, lo­cat­ed in For­est Re­serve.

A news re­lease post­ed on the En­er­gy Cham­ber’s web­site yes­ter­day not­ed that ac­cord­ing to a state­ment from the com­pa­ny, the new well marks the fifth in the com­pa­ny’s 2025 land drilling cam­paign and rep­re­sents con­tin­ued com­mit­ment to the de­vel­op­ment of the on­shore as­sets.

It not­ed the well builds on the suc­cess of FR1819 well which was drilled in 2022, which tar­get­ed the up­per and mid­dle cruse sands in the For­est Re­serve Field.

The news re­lease added Well FR 1831 would be drilled to a depth of about 6,000 ft mea­sured depth us­ing WSL Rig 80, with a planned drill time of 15 days. Ini­tial pro­duc­tion is ex­pect­ed to be 56 bar­rels of oil per day.

The re­lease fur­ther not­ed that the drilling of FR1831 comes on the heels of the an­nounce­ment of the ar­rival of off­shore drilling rig EOD264 and un­der­scores Her­itage’s dri­ve to meet its re­cov­ery plan de­liv­er­ables.

In its au­dit­ed re­sults, Her­itage Pe­tro­le­um post­ed a prof­it be­fore tax of $2.30 bil­lion in 2024 (2023: $2.18 bil­lion). The com­pa­ny al­so not­ed that as at Sep­tem­ber 30, 2024, since its in­cep­tion, it has con­tributed $14.75 bil­lion to the Gov­ern­ment in roy­al­ties, levies, and oth­er tax­es.

It al­so not­ed that cap­i­tal ex­pen­di­ture in­creased by 23 per cent to $1.08 bil­lion in 2024 (2023: $880 mil­lion), re­flect­ing con­tin­ued in­vest­ment in pro­duc­tion, as­set in­tegri­ty, de­vel­op­men­tal drilling, in­fra­struc­ture and tech­nol­o­gy.