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Heritage Oil Successfully Tested the Miran West-3 Well

Source: www.gulfoilandgas.com 5/18/2012, Location: Middle East

Heritage Oil Plc, an independent upstream exploration and production company, issues its Interim Management Statement for the period from 1 January 2012 to 18 May 2012, in accordance with reporting requirements of the EU Transparency Directive.

The Miran West-3 well, which commenced drilling in August 2011, has reached a total depth of 3,528 metres after encountering the primary gas bearing reservoir interval in the Jurassic.

Subsequent well testing operations within the main Jurassic reservoir have been completed and resulted in a constrained flow of up to 22 MMscf/d of wet gas with a yield of 20 bbl/MMscf of 55? API condensate. This tested interval is shown to be in pressure communication with the main reservoir interval discovered and tested in the Miran West-2 well c.4.3 km to the North West. Examination of the wireline log data in conjunction with the well test data indicates that a pervasive and productive fracture network has been intercepted as planned. It is estimated that once the well is completed and placed on production that it will be capable of delivering 50 MMscf/d of wet gas and 1,000 bbl/d of condensate. The well is currently being suspended pending re-entry and completion as a production well. The success of the Miran West-3 well continues to de-risk the Miran Field, having confirmed the presence of gas-bearing fracture networks at this location, as predicted by geophysical and geological models. The rig will then move to the Miran West-4 appraisal location for the drilling of a high angle well targeting the Upper Cretaceous oil-bearing intervals. This well should spud in early June 2012. Heritage plans to undertake an extended well test of these oil bearing reservoirs for a minimum period of six months which should commence at year end.

In March 2012 Heritage announced that drilling of the Miran East-1 exploration well had commenced, with an estimated target depth of c.4,000 metres. The well is targeting exploration potential within the Cretaceous and Jurassic reservoir intervals of the eastern structure. The well is currently at a depth of 2,020 metres in the regional seal above the Lower Cretaceous. Oil shows observed whilst drilling are consistent with wireline log interpretation indicating the presence of hydrocarbons at various levels within the Upper Cretaceous. Furthermore, pressure data obtained in the Upper Cretaceous indicates that the East and West structures are in pressure communication.

Seismic
Acquisition of 3D seismic, covering 730 square kilometres, across the Miran Block was completed in 2011. Initial interpretation of the full processed 3D data has recently been completed which has enabled enhanced mapping of the structure, increased the Company’s ability to identify fault systems and significantly increased our geological understanding of the field.

Monetisation and Development of the Miran Field
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 for local supplies and the production of between 10,000 and 15,000 bpd of oil and condensate. Full field development should comprise an integrated development of the oil, gas and condensate with export of the gas production to Turkey estimated to commence in 2015. Work on conceptual development studies, gas marketing plans and strategies has continued and Heritage is in discussions with the Kurdistan Regional Government, gas buyers and contractors regarding both early and full field development, including the export of the gas to Turkey where gas demand is increasing significantly.

Tony Buckingham, Chief Executive Officer, commented: “We are delighted with the Miran West 3 test results which give us great comfort on the extent of the primary gas reservoir and demonstrates its producibility. We are focused on the Monetisation of the world class Miran Field, targeting the phased development of the field with export of the gas to the booming Turkish market. The active work programme in Kurdistan continues with the drilling of the Miran East 1 well and the Miran West-4 oil appraisal well expected to spud later this quarter. We continue to pursue these programmes whilst also considering further value generating opportunities.”

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