EXPLORATION ASSETS
Kurdistan Region of Iraq
The Miran West-3 well is scheduled to spud in July and will take an estimated 160 days to drill and test. The well is targeting flanks of the Jurassic structure, with the benefit of the current 3D seismic survey. The well will further appraise Upper and Lower Cretaceous reservoirs whilst drilling to its primary Jurassic objective, with an estimated total depth of approximately 3,800 metres. The well bore will be angled to increase the frequency of fracture penetration and is to be orientated to maximise interception of open fractures. A comprehensive testing programme is planned, targeting numerous potential reservoir horizons.
Heritage currently plans to have two rigs drilling in Kurdistan before the end of the year. On completion of the Miran West-3 well the rig will move to drill the Miran West-4 appraisal well. A second rig is being sourced to drill the Miran East-1 exploration well in the fourth quarter of this year.
Seismic Acquisition
Heritage is currently acquiring 730 square kilometres of 3D seismic across the Miran Block to help define further appraisal drilling locations and fully exploit fracture networks. The processing of an initial data set is being fast-tracked to enable early interpretation of the main body of the 3D dataset.
In addition, 180 kilometres of new 2D seismic data will be acquired within the Block during the summer of 2011 to define other potential prospects.
Gas Monetisation and Development of the Miran Field
As announced in April 2011, discussions with the Kurdistan Regional Government ("KRG") are ongoing over fast-tracked phased development of the Miran Field. The KRG has outlined its favoured development scenarios for gas utilisation. The initial priority will be to satisfy local gas demand by supplying produced gas, on commercial terms, to local power stations and other end-users in the Sulymaniyah region in 2013. Early production of the gas will also result in early associated condensate and oil production. This will be followed by export of gas to Turkey/Europe and full production of oil and condensate zones through full development of the field.
Heritage has engaged consultants to evaluate the facilities required for both early production and full field development of Miran. As part of this engagement, consultants are also evaluating the oil and gas pipelines required to tie Miran into the existing and planned pipeline systems.
Other Assets
Acquisition of 300 square kilometres of 3D seismic data offshore Tanzania completed in January 2011. Data is currently being processed with a view to establishing a potential drilling location. 2D seismic data acquisition in Mali is progressing well and initial results of processing show good quality data and confirm the current plan to drill an initial well early in 2012. In Malta, Heritage is planning the acquisition of 1,000 kilometres of 2D seismic data which is expected to commence in July. Planning for drilling in Pakistan continues.
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