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
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
