ISLAMABAD, Pakistan, Nov. 20 The Pakistani government granted petroleum exploration licenses to a joint-venture project of Heritage Oil & Gas Ltd.
Heritage, a subsidiary of Alberta-based Heritage Oil Corp., has a 60-percent stake and is the operator. Other companies involved in the joint project include Sprint Energy Ltd. with 30 percent and Trakker Energy Ltd. with 10 percent.
The companies are expected to invest about $10 million to carry out the exploration studies and drill two exploratory wells in the three-year first phase of the project.
This is Heritage's first Exploration License in Pakistan, but the company is operator of the Miran exploration block in the Kurdistan Region of Iraq and holds two exploration licenses in Uganda.
Copyright 2007 by UPI
