"Heritage Oil also provide an estimate on the required reserves threshold of between 350 and 400mmbbl at $80/bbl to make the pipeline commercial viable. Tullow had previously indicated a 400 million barrel of oil equivalent reserves threshold at $80/bbl that would make an export pipeline from Lake Albert to the East African coast economic, however they indicated that under falling oil price environment a higher threshold of 500 million barrels at $60/bbl would be required. To date heritage Oil and Tullow have discovered over 2.0bn bbl of gross upside between blocks 1, 2 and 3."
GBP Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held