LONDON, UNITED KINGDOM--(Marketwire - April 3, 2012) -
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Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, provides an update on the Miran West-3 well in the Kurdistan Region of Iraq ("Kurdistan").
- Testing of a reservoir interval above the main Jurassic reservoir resulted in a flow of up to 17.5 MMscf/d of dry gas
- Reservoir interval tested is separate from the underlying main Jurassic gas bearing reservoir tested in the Miran West-2 well
- Following the test, drilling continues to the main Jurassic targets
The Miran West-3 well is currently at a depth of 3,060 metres and testing operations of a high pressure reservoir interval encountered above the main Jurassic reservoir have completed. This gas bearing interval is proven to be a separate reservoir from those identified to date within the Miran structure. Technical work is being undertaken to understand further the distribution of this reservoir interval using existing well data and recently processed 3D seismic.
Following testing, drilling has recommenced in order to appraise the main Jurassic reservoir intervals which are the primary targets of this well. Further tests are planned and drilling is expected to be completed within the next month.
Tony Buckingham, CEO, commented:
"We are delighted to have discovered and flowed gas from this reservoir interval. Drilling continues to the primary targets of the well within the main Jurassic reservoir where a comprehensive test programme will be conducted during the remainder of this month."
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 an exploration, appraisal and development asset in the Kurdistan Region of Iraq, exploration assets in Malta, Tanzania, Mali, Pakistan, Libya and the Democratic Republic of Congo and a producing property in Russia.
- Heritage Energy Middle East, a wholly-owned subsidiary of Heritage, is operator and holds a 75% interest in the Miran Block. There are third party back-in rights which could reduce the holding to 56.25%
- 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.