Govt grants joint venture oil & gas exploration license
By Asad Cheema

Islamabad—The Government today (November 16) granted Petroleum Exploration License to the Joint Venture of Heritage Oil & Gas Ltd. (60%) (Operator), Sprint Energy (Pvt.) Ltd. (30%) & Trakker Energy (Pvt) Ltd. (10%) over Block No. 3068-2 (Sanjawi) covering an area of 2.258.47 square kilometers. The block lies in the Loralai and Kohlu districts of Balochistan, falling in Zone-II.
The Joint Venture intends to make an investment of US$ 10.125 million in the aforesaid block to carry you geo/technical studies, acquisition, processing and interpretation of 330 L.Kms 2D seismic survey and drilling two exploratory wells during phase-I of the initial period of three years.
Heritage Oil & gas Ltd. (Operator) is a new entrant and subsidiary of Heritage Oil Corporation, an oil and gas exploration & production company registered in Alberta, Canada and listed on the Toronto Stock Exchange. This is Heritage’s first Exploration License in Pakistan and is an achievement of Government of Pakistan towards attracting new companies. The Company is operator of the Miran Exploration Block in the Kurdistan Region of Iraq and the Block 3 A and Block 1 Exploration License in Uganda. Heritage is also operator of the Zapadno Chumpasskoye Development and Production License in Russian.
The execution ceremony was witnessed by Mr. Ahsanullah Khan, caretaker Minister for Petroleum & Natural Resources. The License and the Petroleum Concession Agreement were signed by Mr. Farrukh Qayyum, Secretary Petroleum and Natural Resources on behalf of the President of Islamic Republic of Pakistan, Mr. Mohammad Naeem Malik, Director General Petroleum Concessions, Mr. Brian Smith, Vice President Exploration of Heritage Oil & Gas Ltd., Mr. Akbar Kazmi, CEO of Sprint Energy (Pvt) Ltd. and Mr. Mohammad Ali Jameel, CEO of Trakker Energy (Pvt) Ltd. and witnessed by senior officials of the Ministry of Petroleum & Natural Resources.