News

August 19, 2009

Heritage Oil Will Use The Experience Of Miran West-1 To Drill Key Follow-Up Well In Q4

Shares in Heritage Oil dipped 6.4 per cent on Monday after the London-listed oil group, which plans to become a major force in Kurdistan by joining forces with Turkish group Genel Enerji, completed testing of its first well in the country. The Miran West-1 well flowed 3,640 barrels per day from a single interval in the upper reservoirs, a result which has disappointed some investors who had hoped the discovery well would prove to be a gusher given the prospectivity of these little-drilled lands in northern Iraq.

The Miran Block is a prime piece of oil and gas real estate, lying only 55 km from one of the largest oilfields on the planet, Kirkuk, with estimated remaining reserves of more than 10 billion barrels. The Miran licence is home to two large structures, Miran West and Miran East, which have been mapped from the seismic survey acquired last year. Investors have been keen to see these drilled up, hoping to replicate the exploration successes Heritage has enjoyed in Uganda and move the former TSX...