Heritage Oil has reached target depth on the Miran West-1 exploration well in the Kurdistan Region of Iraq and is preparing to test the well.
The Miran West-1 exploration well, which commenced drilling on December 21, 2008, reached a total measured depth of 2,935 meters. The well encountered oil shows over an interval of 1,100 meters and good quality light, sweet oil was recovered to surface during drilling operations. Evidence from wireline logs and shows whilst drilling indicates the presence of hydrocarbons in the three main producing zones in the region; the Shiranish, Kometan and Qamchuqua reservoirs.
Heritage anticipates that it will commence testing operations on the Miran West-1 well within ten days, following completion of wireline logging operations. The testing program is expected to take up to one month to complete. The Company plans to perforate the most highly prospective fractured zones and run a series of drill stem tests (DSTs) through casing over a gross interval of approximately 500 meters.
A further announcement will be made upon completion of the testing program.
The Miran licence contains two large structures covering approximately 330 square kilometres. These structures, Miran West and Miran East, 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, "This is an exciting time for Heritage as we make preparations to test the high impact Miran West-1 exploration well. The excellent oil shows over such a large interval of 1.1 kilometers highlights the multi-billion barrel oil potential of the prospects on the Miran license, given the extensive area of the two Miran structures. We believe that Miran, like our unprecedented success in Uganda, has the potential to transform Heritage and deliver excellent value for our shareholders."
Heritage Energy Middle East, a wholly-owned subsidiary of Heritage, is operator and holds a 100% interest in the Miran license, although there are back-in rights, which if fully exercised could result in a minimum holding of 56.25%. The Miran license has an area of 1,015 square kilometers and is located west of the city of Suleimaniah.
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