Heritage Oil Interim Results

By John Lee.

Heritage Oil, which has operations in Iraqi Kurdistan, has published its interim results for the six months ended 30 June 2012:

Operational Highlights

· Execution of an agreement to acquire a transformational major interest in OML 30 in Nigeria (“Proposed Acquisition”), which is subject to shareholder approval, and is expected to complete in the second half of this year

  • Active work programme in the Kurdistan Region of Iraq (“Kurdistan”) with two rigs operating:

— The Miran West-3 well reached the primary target of the Jurassic gas reservoir and was successfully tested in May 2012

— The Miran West-4 well commenced drilling on 22 June 2012 to further appraise the Upper Cretaceous oil reservoir

— The Miran East-1 well is drilling ahead on prognosis and is currently evaluating the Lower Cretaceous reservoir before drilling ahead to the main Jurassic targets

  • Planning and development studies on the Miran Field and conceptual design studies on a gas export pipeline are ongoing
  • Tanzania work programme continues on the Kyela and Rukwa licences with the reprocessing of legacy 2D seismic data and completion of a high resolution gravity survey
  • Net average daily production of 567 bopd in the first half 2012, an increase of 35% on the same period in the prior year. Production for the month of July 2012 averaged 711 bopd
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