Heritage Oil Commences Drilling Of The Miran West-1 Well In The Kurdistan Region Of Iraq

abarrelfullabarrelfull wrote on 29 Aug 2012 13:21
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22 December 2008

Heritage Oil Limited (LSE: HOIL), an independent upstream exploration and production company, announces that it has commenced drilling the Miran West-1 well in the Kurdistan Region of Iraq. This is the first exploration well to be drilled on the highly prospective Miran licence.

Highlights

  • First ever well to be drilled on the Miran licence in the Kurdistan Region of Iraq
  • The well will target the three principal proven reservoir formations in the region
  • It is expected to take approximately three months to drill and complete the well
  • High-impact exploration continuing across the portfolio

Heritage announced on 30 October 2008 that it had entered into an agreement with Great Wall Drilling Company Ltd. to use the GW Rig #10 to spud Miran West-1. It is planned that the rig will drill the Miran West structure to an anticipated depth of between 2,500 and 3,000 metres targeting the three principal proven reservoir formations in the region known from adjacent discoveries to be the most productive zones; the Shiranish, Kometan and Qamchuqua reservoirs. It is expected to take approximately three months to drill and complete the well.

The Miran licence contains two large structures, Miran West and Miran East, that have been mapped from the 332 kilometres of excellent quality seismic data acquired by Heritage between April and June 2008.

Tony Buckingham, Chief Executive Officer, commented:
“The commencement of drilling the Miran West-1 well is a tremendous accomplishment since Heritage was only awarded the licence 15 months ago. The acceleration of the work programme on the Miran licence is a reflection of both the operational efficiency of Heritage and the commitment we have to the region. The Miran block is highly prospective containing two anticlines that have the potential to contain billions of barrels of oil from multiple potential reservoir targets, continuing an exciting high impact exploration programme across our portfolio.”

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