Kurdistan Oil Shares Lower on Miran West-3 Update

Heritage has completed well testing and wireline log evaluation of the Lower Cretaceous reservoir in the Miran West-3 well and is currently at a depth of 2,910 metres.

Testing in the Lower Cretaceous formation resulted in no measurable flow of hydrocarbons to surface due to the lack of an extensive connected fracture network at this location. The results from detailed wireline log interpretation, observations whilst drilling and gas recovered at surface confirm that the Lower Cretaceous reservoir formation is gas bearing. Detailed work is being undertaken on the recently processed 3D seismic and offset well data to establish the areas of effective reservoir for this formation.

Below the Lower Cretaceous reservoir the well encountered a high pressure interval as well as a loss of circulation which resulted in the need to sidetrack the well. This interval has now successfully been drilled and the well is currently at a depth of 2,910 metres and being logged.

Further drilling will appraise the Jurassic reservoir intervals which were discovered by the Miran West-2 well. A number of tests are planned and drilling is expected to be completed within the next couple of months.

A second rig to drill the Miran East-1 well is on location and expected to commence drilling shortly.

Tony Buckingham, CEO, commented:

"The Miran West-3 well is providingfurther information on this large fractured carbonate structure to enable Heritage to better understand the reserves distribution in the field and confirm volumes for development planning. The degree of fracturing and high pressure encountered in these deeper intervals have meant that the drilling programme is taking longer than expected, but nevertheless, the data being obtained is vindicating our approach in drilling this deviated well."

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