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Market: TSX, AIM
Sector: Energy
EPIC: HOIL
Latest Price: 194.50p  (-0.51% Descending)
52-week High: 339.00p
52-week Low: 158.30p
Market Cap: 504.05M
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Heritage Oil
www.heritageoilltd.com

Heritage Oil's strategy is to acquire and invest oil and gas properties throughout the world, with a particular emphasis on Africa, the Middle East, Russia, and the CIS.  The company currently has interests in Russia, Uganda, Oman, Iraq, The Democratic Republic of Congo, Mali, Malta, Pakistan and Tanzania.

 

 

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Heritage Oil wraps up testing of Miran West-1, expects well to produce up to 10,000 bopd

17th Aug 2009, 10:37 am Heritage Oil wraps up testing of Miran West-1, expects well to produce up to 10,000 bopd

FTSE 250 constituent oil and gas company Heritage Oil Plc (LSE: HOIL) said today it has wrapped up the testing of its Miran West-1 discovery in Kurdistan, suspending the well as a future producer and moving on to the Mira West-2 appraisal well.


Testing was carried out at a flow rate of 3,640 bopd (barrels of oil per day), which was restricted by surface equipment capacity. The company attempted to test deeper intervals, yet it was confined by the damage done to the formations done by the initial drilling operations, which were designed to cope with potential high reservoir pressures, resulting in the loss of drilling fluid and circulation material in the reservoirs.


The company said testing indicated the well could produce between 8,000 and 10,000 bopd when production starts, also stating the testing confirmed the well had an extensive fracture network, helping the production potential.


The Miran West-1 well will now be suspended and the company will move on to the Miran West-2 appraisal well, as the rig is already being moved 4 km north east and is expected to start drilling in the fourth quarter.


“We have gathered important information which will be invaluable in advancing our forward programmes on this significant discovery beginning with the Miran West-2 appraisal well,” said CEO Tony Buckingham.


Heritage Oil operated in the Kurdistan region of Iraq through its wholly owned subsidiary Heritage Energy Middle East, holding a 75% interest in the Miran Block with the other 25% owned by Genel Energy International Limited.


Heritage Oil and Genal Energy are currently in the midst of merger which will create a new FTSE 100 oil company.

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