News

May 07, 2009

Heritage Oil Hits The Jackpot With Miran West-1

Shares in Heritage Oil Limited gained almost 25 per cent on Wednesday as the London-listed firm released the much anticipated test results from its Miran West-1 well in Kurdistan. Investors have long hoped that this well would prove to be the real jackpot in the portfolio – and you have to remember this is a portfolio that already includes a share of the billion barrel finds in Uganda’s Lake Albert Rift Basin – and yesterday’s news would seem to indicate that those hopes were well founded.

This is, after all, supergiant territory.  The Miran licence lies near the supergiant Kirkuk oilfield and is on trend with the Taq Taq oil discovery, where wells have been flowing between 15,000 and 37,000 bpd of 48-degree API oil.  This is an impeccable geological address for an oil prospector and investors had been hoping that Heritage’s early move into Kurdistan, an under-drilled area of high geo-political risk that many rivals are still rightly wary of, would be justified through...