Heritage Oil Limited has reached target depth on the Miran West-1 exploration well in the Kurdistan Region of Iraq and it is preparing to test the well. Highlights • Miran West-1 reached a total depth of 2,935 metres • The well encountered oil shows over a 1,100 metre interval • Excellent oil shows were seen over the three principal proven reservoir formations in the region • Preparations are underway to begin testing • Testing is anticipated to take up to one month to complete • First ever well to be drilled on the Miran licence in the Kurdistan Region of Iraq • The Miran Block is located close to one of Iraq’s major export pipelines

The Miran West-1 exploration well, which commenced drilling on 21 December 2008, reached a total measured depth of 2,935 metres. The well encountered oil shows over an interval of 1,100 metres and good quality light, sweet oil was recovered to surface during drilling operations. Evidence from wireline logs and shows whilst drilling indicates the presence of hydrocarbons in the three main producing zones in the region; the Shiranish, Kometan and Qamchuqua reservoirs.

Heritage anticipates that it will commence testing operations on the Miran West-1 well within ten days, following completion of wireline logging operations. The testing programme is expected to take up to one month to complete. The Company plans to perforate the most highly prospective fractured zones and run a series of drill stem tests (DSTs) through casing over a gross interval of approximately 500 metres.

The Miran licence contains two large structures covering approximately 330 square kilometres. These structures, Miran West and Miran East, have been mapped from the 332 kilometres of excellent quality seismic data acquired by Heritage between April and June 2008.

Tony Buckingham, Chief Executive Officer, said,“This is an exciting time for Heritage as we make preparations to test the high impact Miran West-1 exploration well. The excellent oil shows over such a large interval of 1.1 kilometres highlights the multi-billion barrel oil potential of the prospects on the Miran licence, given the extensive area of the two Miran structures. We believe that Miran, like our unprecedented success in Uganda, has the potential to transform Heritage and deliver excellent value for our shareholders.”

Tags: Heritage Oil Limited