Heritage Oil has started drilling its fifth well on the Miran field in Kurdistan, the Miran West-4 appraisal well.
The well is designed to further appraise the Upper Cretaceous oil reservoir. Operations have commenced and are expected to take around three and a half months to drill and test.
Heritage is looking to test and evaluate several intervals along the way to target depth of 1,550m. A 500m horizontal section in the oil bearing reservoir is also planning to "maximise penetration of fractures".
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
"Following the highly successful Miran West-3 test results, the spudding of Miran West-4 continues our active work programme in Kurdistan," said Chief Executive Officer Tony Buckingham.
"We remain focused on the monetisation of the world class Miran Field, targeting the phased development of the field, whilst also considering further value generating opportunities."
The planned extended well test will sell between 3,000 and 5,000 barrels of oil gross pre day into the local market.
BC
-
December 2023 NS&I Premium Bond winners - check now to see what you’ve wonIf you hold money in NS&I Premium Bonds, you can check from today (2 December) to see if you have won in the December prize draw. Here’s how to check.
-
OpenAI – corporate drama unleashed
OpenAI, the firm behind ChatGPT, was in uproar as its boss was booted out, briefly snapped up by Microsoft and then brought back again.
