Heritage Oil Updates on Miran West

As part of its interim management statement, Heritage Oil plc has issued an update on its operations in Iraqi Kurdistan. :

Heritage successfully completed testing of the Upper Cretaceous reservoir in the Miran West-3 well after drilling to a depth of 876 metres. During testing the maximum measured rate achieved from this reservoir section was 1,950 bopd. Attempts to flow the well at higher rates were severely restricted by the capacity of the surface test equipment.

The oil produced on test is estimated to be 15 degree API with very little associated gas, similar to that tested from the same interval in the Miran West-1 discovery well. The well has now reached 1,576 metres and drilling operations are continuing with a test result on the Lower Cretaceous reservoir expected by year end. The well is expected to complete in the first quarter of 2012 and the rig will then move to drill the Miran West-4 appraisal well.

A rig has been contracted to drill the Miran East structure and is currently being mobilised to Kurdistan. Drilling is expected to commence in January 2012. The Miran East structure is contiguous with the Miran West structure.

Seismic Acquisition

Acquisition of 3D seismic, covering 730 square kilometres, has finished and processing of the data is expected to be completed by year end. An early phase of processing produced an initial dataset covering the core area of the field and this has been used to assist in the drilling and orientation of the angled Miran West-3 well and the selection of the Miran East-1 location. The increased coverage and quality of the 3D data enables enhanced mapping of the structure and increased identification of the fault system and associated fracture networks.

In addition, acquisition of 180 kilometres of 2D seismic on the southern portion of the Miran Block to help identify further potential prospects was completed in October 2011 and processing is also expected to be completed by year end.

Gas Monetisation and Development of the Miran Field

Heritage is considering a phased development of the Miran Field which involves early development by the end of 2013, targeting between 80 and 180 MMscfd of gas for local supplies and the production of between 5,000 and 12,000 bpd of oil and condensate. Full field development should comprise an integrated development of the oil, gas and condensate with export production estimated for 2015.

Work on conceptual development studies and gas marketing plans and strategies has continued and Heritage is in discussions with the Kurdistan Regional Government, gas buyers and contractors regarding both early and full field development.

(Source: Hertitage Oil)

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