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CALGARY, Oct. 30 /CNW/ - Heritage Oil Limited (LSE: HOIL), an independent
upstream exploration and production company, announces that it has contracted
Great Wall Drilling Company Ltd. to supply a rig to drill the Miran West-1
exploration well in the Kurdistan Region of Iraq.
- Rig secured to commence drilling the Miran West-1 exploration well
- First ever well to be drilled on the Miran licence in the Kurdistan
Region of Iraq
- Rig is currently in-country, and the well is expected to spud before
- High-impact exploration as the potential for billions of barrels of
oil exists in the licence
Heritage has entered into an agreement with Great Wall Drilling Company
Ltd. to use the GW Rig No.10. It is planned that the rig will drill to an
anticipated depth of over 3,000 metres and target the three principal
reservoirs known from the immediate area to be the most productive.
Drilling of the well is expected to commence before the year-end as the
rig is already in-country and site preparation is underway.
The Miran licence contains two large structures, Miran West and Miran
East, that have been mapped from the 332 kilometres of excellent quality
seismic data acquired by Heritage between April and June 2008. These two very
large anticlines have the potential to contain billions of barrels of oil.
Tony Buckingham, Chief Executive Officer, commented:
"The Miran work programme has been accelerated following the
interpretation of the seismic acquired in the second quarter of 2008.
Contracting this rig and our plan to commence drilling before the year-end
shows the significant progress we have made this year as well as our
commitment to the region. We were one of the first companies to be awarded a
licence in the Kurdistan Region of Iraq and first-mover advantage has allowed
us to select one of the most prospective licences. This is therefore a very
exciting time for Heritage because of the billion barrel hydrocarbon potential
of the prospects on the Miran block."
Heritage Energy Middle East, a wholly-owned subsidiary of Heritage, is
operator and holds a 100% interest in the Miran licence. The Miran licence has
an area of 1,015 square kilometres and is located west of the city of
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
- 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 producing properties in Oman and Russia and exploration
projects in Uganda, the Kurdistan Region of Iraq, the Democratic
Republic of Congo, Malta, Pakistan, Tanzania and Mali.
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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.
For further information:
For further information: Heritage Oil Limited: Tony Buckingham, CEO,
Paul Atherton, CFO, +44 (0) 1534 873 000, +41 91 973 1800, (403) 234-9974,
email@example.com; Heritage Oil Limited - Investor Relations: Tanya
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& Financial - PR - Europe: Nick Lambert, Andrew Benbow, +44 (0) 7770 824 100,
NLambert@bell-pottinger.co.uk, ABenbow@bell-pottinger.co.uk; CHF Investor
Relations - Investor Relations - Canada: Cathy Hume, Lindsay Carpenter, (416)
868-1079 x231, x239, email@example.com, firstname.lastname@example.org