Heritage Oil Limited, an independent upstream exploration and production company, announces that it has commenced drilling the Miran West-1 well in the Kurdistan Region of Iraq. This is the first exploration well to be drilled on the highly prospective Miran license.
Heritage announced on 30 October 2008 that it had entered into an agreement with Great Wall Drilling Company Ltd. to use the GW Rig #10 to spud Miran West-1. It is planned that the rig will drill the Miran West structure to an anticipated depth of between 2,500 and 3,000 meters targeting the three principal proven reservoir formations in the region known from adjacent discoveries to be the most productive zones; the Shiranish, Kometan and Qamchuqua reservoirs. It is expected to take approximately three months to drill and complete the well.
The Miran license contains two large structures, Miran West and Miran East, that have been mapped from the 332 kilometers of excellent quality seismic data acquired by Heritage between April and June 2008.
Tony Buckingham, Chief Executive Officer, commented:
"The commencement of drilling the Miran West-1 well is a tremendous accomplishment since Heritage was only awarded the license 15 months ago. The acceleration of the work programme on the Miran license is a reflection of both the operational efficiency of Heritage and the commitment we have to the region. The Miran block is highly prospective containing two anticlines that have the potential to contain billions of barrels of oil from multiple potential reservoir targets, continuing an exciting high impact exploration programme across our portfolio."
Heritage Energy Middle East, a wholly-owned subsidiary of Heritage, is operator and holds a 100% interest in the Miran license, although there are third party back-in rights. The Miran license has an area of 1,015 square kilometres and is located west of the city of Suleimaniah.
