MEDIA RELEASE: Heritage Commissions New Offshore Oil Well S-938

April 8, 2024 – Heritage Petroleum Company Limited (Heritage) proudly announces the commissioning of its latest Offshore oil well, S-938, marking a significant milestone in its field development efforts. Situated within the Soldado East Field, S-938 has an expected average daily rate of 500 barrels of oil per day (bopd), which promises to contribute significantly to the Company’s revenue.

S-938 is the third well to be put into production after commencing its Offshore Drilling programme, in line with Heritage’s strategy to grow high-margin production. Drilling of S-938 began in August 2023, and after rigorous design and engineering efforts, the topsides were completed in March 2024. This was followed by the requisite inspections and statutory approvals prior to commissioning.

Erik Keskula, Heritage’s Chief Executive Officer expressed his gratitude, stating, “I wish to thank all the company and contractor personnel that diligently worked to safely deliver this new production to Trinidad and Tobago. Over the next month, we will operate the well with a goal of optimising fluid production rates to maximise oil recovery and cash flow”. He further emphasised the strategic importance of S-938, highlighting its role in developing a track record of delivering new offshore wells and facilities to increase production.

Heritage anticipates ongoing benefits from this well and three (3) additional wells that are expected to be commissioned in the coming months. Additionally, as Heritage continues to expand its Offshore Drilling programme in the third quarter of 2024, the company remains committed to operational excellence, environmental stewardship, and delivering returns to all its stakeholders, including the Government and people of the Republic of Trinidad and Tobago.

The Corporate Communications Unit



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