FTSE 250 oil group Heritage Oil has started drilling its first exploration well in in the highly prospective Miran East structure in Kurdistan, Iraq.
The Miran East-1 exploration well is targeting exploration potential within the Cretaceous and the Jurassic reservoir intervals and will be drill to a target depth of around 4,000m. It will take around seven months to drill and test.
Miran East is contiguous to the oil and gas discoveries in the Miran West structure.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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.," said Chief Executive Officer Tony Buckingham.
Shares were up 2.72% at 163.95p in early trading on Thursday.
BC
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
