Heritage Spuds Well FR1831

• Heritage Petroleum announced that it has successfully spud^[1] Well FR1831 located in Forest Reserve.
• Well FR 1831 will be drilled to a depth of circa 6,000 ft measured depth using Well Site Log (WSL) Rig 80, with a planned drill time of 15 days. Initial production is expected to be 56 barrels of oil per day (bopd).
• This marks the 5th well in the company’s 2025 land drilling campaign and represents a continued commitment to the development of its onshore assets. The well builds on the success of the FR1819 well, which was drilled in 2022, which targeted the upper and middle cruse sands in the Forest Reserve Field.
• The drilling of FR 1831 comes on the heels of the announcement of the arrival of the offshore drilling rig EOD264 and underscores Heritage’s drive to meet its Recovery Plan Deliverables.
• Heritage noted that as at September 30, 2024, since its inception, it has contributed $14.75Bn to the Government in royalties, levies, and other taxes. It also noted that capital expenditure increased by 23 percent to $1.08Bn in 2024 (2023: $880Mn), reflecting continued investment in production, asset integrity, developmental drilling, infrastructure and technology.

(Sources: Energy Chamber of Trinidad & Tobago and Trinidad and Tobago Guardian)

^[1] In oil and gas drilling, "spudding a well" means to begin drilling operations.