Heritage Oil Update on Miran West-3 Exploration Well

Heritage Oil has successfully drilled and tested the Miran West-3 well. The well is situated in the Kurdistan region of Iraq, drilling has been taking place since August 2011, ir has successfully reached a total depth of 3,528 metres after encountering the primary gas bearing reservoir interval in the Jurassic.

Testing of the main Jurassic reservoir has resulted in a constrained flow of up ro 22 MMscf/d of wet gas with a yield of 20 bbl/MMscf of 55 API condensate. The well test data suggests a pervasive and productive fracture network as planned.

It is estimated when the well is completed and put into production that it will be capable of delivering 50 MMscf/d of wet gas and 1,000 bbl/d of condensate. The success of the Miran West-3 well continues to de-risk the Miran Field, having confirmed the presence of gas-bearing fracture networks.

Heritage is considering a phased development of the Miran Field which involves early development by the end of 2013, targeting between 80 and 180 MMscfd of gas and production of 10,000 and 15,000 bpd for local supplies. Full field development should comprise an integrated development of the oil, gas and condensate with export of gas production to Turkey expected to take place in 2015.

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