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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

"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.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.