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CALGARY, ALBERTA--(Marketwire - Aug. 17, 2009) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an
independent upstream exploration and production company, announces the
completion of testing the Miran West-1
discovery in the Kurdistan Region of Iraq.
Highlights
- Testing has been completed and a flow rate of 3,640 bopd was recorded from a single reservoir interval
- The test flow rate was restricted by surface equipment capacity, with
an estimated productive potential of between 8,000 and 10,000 bopd achievable when this well is placed on
production
- Attempts were made to test deeper intervals but the formations were
too badly damaged by the initial drilling operations
- The Miran West-1 well has been suspended as
a future producer
- The Miran West-2 appraisal well is
scheduled to commence drilling in the fourth quarter. This well is
expected to intersect the same reservoir intervals as were encountered
in the Miran West-1 well
The second phase of testing the Miran West-1
discovery has been completed and the well is being suspended as a
future producer. During this second phase of testing the well flowed at
a maximum rate of 3,640 bopd from a single
upper reservoir layer. The rate was restricted by surface equipment
capacity and the data gathered from the test indicates that the well
should produce at a rate of between 8,000 to 10,000 bopd
when placed on production.
Initial Miran West-1 drilling operations were
designed to cope with the potential for high reservoir pressures and
this resulted in the loss of drilling fluid and lost circulation
material in these highly permeable fractured reservoirs. Tests on two
other deeper reservoir intervals in the well were unsuccessful because
of damage and contamination sustained during drilling. Consequently,
the remedial measures undertaken during re-testing operations were no
more effective than during the initial testing phase.
The Miran West-1 tests did confirm both the
high potential well productivity and the presence of an extensive
fracture network.
The rig will now move approximately 4 km north east to
commence drilling the Miran West-2 appraisal
well in the fourth quarter. The knowledge and experience gained from
the first well will allow the Miran West-2
well to be drilled to optimally production test all reservoir
intervals.
Tony Buckingham, Chief Executive Officer, commented:
"We are very encouraged by this result in a well where the lower
formations were badly damaged through drilling. Miran
West-1 was the first wildcat exploration well ever drilled on this
licence covering two structures which together total approximately 320
square kilometres. The well had to be drilled in accordance with good
oilfield practice in a region characterised by high pressure and
hydrogen sulphide. We have gathered important information which will be
invaluable in advancing our forward programmes on this significant
discovery beginning with the Miran West-2
appraisal well."
Heritage Energy Middle East, a wholly-owned subsidiary of Heritage, is
operator and holds a 75% interest in the Miran
Block, with Genel Energy International
Limited holding 25%. The Miran Block contains
two large structures, Miran West and Miran East, which have been mapped from the 332 kilometres
of excellent quality seismic data acquired by Heritage between April
and June 2008.
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
and exploration projects in Uganda,
the Kurdistan Region of Iraq, the Democratic Republic of Congo, Malta, Pakistan,
Tanzania and Mali.
- For further information please refer to our website, www.heritageoilplc.com
If you would prefer to receive press releases via email please contact
Lindsay Carpenter (lindsay@chfir.com) and specify "Heritage press releases" in the subject
line.
FORWARD-LOOKING INFORMATION:
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.
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