Heritage has contracted Great Wall Drilling Company Ltd. to supply a rig to drill the Miran West-1 exploration well in the Kurdistan Region of Iraq.
Heritage has entered into an agreement with Great Wall Drilling Company Ltd. to use the GW Rig #10. It is planned that the rig will drill to an anticipated depth of over 3,000 meters and target the three principal reservoirs known from the immediate area to be the most productive.
Drilling of the well is expected to commence before the year-end as the rig is already in-country and site preparation is underway.
The Miran license contains two large structures, Miran West and Miran East, that have been mapped from the 332 kilometers of excellent quality seismic data acquired by Heritage between April and June 2008. These two very large anticlines have the potential to contain billions of barrels of oil.
Tony Buckingham, Chief Executive Officer, commented, "The Miran work program has been accelerated following the interpretation of the seismic acquired in the second quarter of 2008. Contracting this rig and our plan to commence drilling before the year-end shows the significant progress we have made this year as well as our commitment to the region. We were one of the first companies to be awarded a license in the Kurdistan Region of Iraq and first-mover advantage has allowed us to select one of the most prospective licenses. This is therefore a very exciting time for Heritage because of the billion barrel hydrocarbon potential of the prospects on the Miran block."
Heritage Energy Middle East, a wholly-owned subsidiary of Heritage, is operator and holds a 100% interest in the Miran license. The Miran license has an area of 1,015 square kilometers and is located west of the city of Suleimaniah.
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