LONDON, UNITED KINGDOM--(Marketwire - March 8, 2012) -
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Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, announces that it has commenced drilling the Miran East-1 exploration well in the Kurdistan Region of Iraq ("Kurdistan").
- The Miran East-1 exploration well has commenced drilling with a second rig on the Miran Block in Kurdistan
- This is the first well to be drilled on the large, highly prospective Miran East structure, which is contiguous to the oil and gas discoveries in the Miran West structure
- The well is targeting exploration potential within the Cretaceous and the Jurassic reservoir intervals
- It is intended that multiple target intervals will be tested and evaluated as the well is drilled to a target depth of c.4,000 metres
- The well is expected to take approximately seven months to drill and test
Drilling of the Miran East-1 exploration well has commenced with an estimated target depth of c.4,000 metres. This is the first well to be drilled on the highly prospective eastern structure, which has an area of approximately 130 square kilometres. The well is targeting exploration potential within the Cretaceous and Jurassic reservoir intervals of the eastern structure, contiguous with the hydrocarbon bearing Miran West structure. The well design utilises recently acquired 3D seismic data and the enhanced understanding of the structural configuration within the Miran Field that this has provided.
Drilling of Miran East-1 is expected to take approximately seven months with multiple intervals to be evaluated and tested as the well is drilled.
Tony Buckingham, Chief Executive Officer, commented:
"Our work programme in Kurdistan continues with the spudding of the Miran East-1 exploration well. The large, undrilled Miran East structure has the potential to add significant hydrocarbon resources at all of the multiple reservoir intervals."
Heritage Energy Middle East, a wholly-owned subsidiary of Heritage, is operator and holds a 75% interest in the Miran Block and Genel Energy plc the remaining 25%, although there are third party back-in rights. The Miran Block has an area of 1,015 square kilometres and is located west of the city of Suleimaniah. The Miran Block contains two large structures, Miran West and Miran East, which have been mapped from 2D and 3D seismic programmes conducted by Heritage.
Notes to Editors
- Heritage is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 Index. The trading symbol is HOIL. Heritage has a further listing on the Toronto Stock Exchange (TSX:HOC).
- Heritage is an independent upstream exploration and production company engaged in the exploration for, and the development, production and acquisition of, oil and gas in its core areas of Africa, the Middle East and Russia.
- Heritage has a producing property in Russia, exploration projects in the Kurdistan Region of Iraq, the Democratic Republic of Congo, Malta, Pakistan, Tanzania and Mali and an investment in Libya.
- For further information please refer to our website, www.heritageoilplc.com.
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Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Heritage - constitute forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves and recoveries; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties as disclosed under the heading "Risk Factors" in its Prospectus and elsewhere in Heritage documents filed from time-to-time with the London Stock Exchange and other regulatory authorities. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.