Heritage Oil Operational Update

Heritage Oil has issued the following update on operations:

Highlights

  • The Miran West-4 appraisal well will shortly commence drilling on the Miran Block in Kurdistan. It will be the third appraisal well drilled on the Western structure
  • The well is designed to further appraise the oil potential of the Upper Cretaceous reservoir
  • It is intended that target intervals will be tested and evaluated as the high angle well is drilled to a target depth of c.1,550 metres
  • The Miran East-1 well is currently drilling to the Lower Cretaceous reservoir and is on schedule to reach target depth in four months.
  • Planning and development studies on the Miran field and FEED studies on a gas export pipeline are on-going
  • Tanzania work programme continues in the recently awarded Kyela and Rukwa licences with the reprocessing of legacy 2D seismic data and completion of a high resolution gravity survey. Acquisition of further 2D seismic is scheduled to commence in August 2012

EXPLORATION ASSETS

Kurdistan Region of Iraq

Following the announcement of the successful testing of the Miran West-3 well in May 2012, drilling of the Miran West-4 oil appraisal well will commence shortly. It has an estimated target depth of c. 1,550 metres. This will be the fifth well drilled on the Miran block and the third appraisal of the Western structure. The high-angle well will appraise the oil within the Upper Cretaceous interval. The well design utilises the recently acquired 3D seismic data and the enhanced understanding of the structural configuration within the Miran Field that this has provided.

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