Heritage Oil starts drilling on Miran East

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.

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"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