Heritage and Genel Up on Miran West-3 Update

Shares in Heritage Oil reversed their recent downward trend with a 10.9% gain on Tuesday, following the company’s update on it’s Miran West-3 well in the Kurdistan Region of Iraq (“Kurdistan”).

Shares in partner company Genel Energy closed the day up 1.2%.

Highlights

  • Testing of a reservoir interval above the main Jurassic reservoir resulted in a flow of up to 17.5 MMscf/d of dry gas
  • Reservoir interval tested is separate from the underlying main Jurassic gas bearing reservoir tested in the Miran West-2 well
  • Following the test, drilling continues to the main Jurassic targets

The Miran West-3 well is currently at a depth of 3,060 metres and testing operations of a high pressure reservoir interval encountered above the main Jurassic reservoir have completed. This gas bearing interval is proven to be a separate reservoir from those identified to date within the Miran structure. Technical work is being undertaken to understand further the distribution of this reservoir interval using existing well data and recently processed 3D seismic.

Following testing, drilling has recommenced in order to appraise the main Jurassic reservoir intervals which are the primary targets of this well. Further tests are planned and drilling is expected to be completed within the next month.

Tony Buckingham (pictured), CEO, commented:

We are delighted to have discovered and flowed gas from this reservoir interval. Drilling continues to the primary targets of the well within the main Jurassic reservoir where a comprehensive test programme will be conducted during the remainder of this month.

Tony Hayward, chief executive of Genel Energy said:

We are pleased to note that the testing of a reservoir interval above the above the main Jurassic reservoir at the Miran West-3 well has resulted in the discovery of flowed gas. Drilling to the main Jurassic target has resumed and will be accompanied by a comprehensive tests programme, with completion expected within the next month. This should provide a better estimate of the potential recoverable gas reserves and assist us with our development planning.

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