Heritage Oil shares buoyed by Miran gas find

British explorer's shares up 10.8% on good news from Iraqi Kurdistan

Shares are up 10.8% to 152.9p after Heritage said its Miran West-3 well encountered commercial flows of gas.
Shares are up 10.8% to 152.9p after Heritage said its Miran West-3 well encountered commercial flows of gas.

 Shares in Heritage Oil have rocked on the London Stock Exchange, after the British explorer announced a new gas pay at its Miran West-3 exploration well in Iraqi Kurdistan.

Shares are up 10.8% to 152.9p after Heritage said the Miran West-3 well, which is currently drilling ahead at a depth of 3,060m, encountered a reservoir interval above the main Jurassic reservoir, which flowed at a rate of up to 17.5mmscfd of dry gas.

CEO Tony Buckingham commented: "We are delighted to have discovered and flowed gas from this reservoir interval. Drilling continues to the primary targets of the well within the main Jurassic reservoir where a comprehensive test programme will be conducted during the remainder of this month."

This interval is thought to be separate to the main Jurassic reservoir, prompting optimism following a decline in the company’s share price after it announced poor performance at the Lower Cretaceous interval, and has stoked speculation that the company may be looking to sell.

Heritage has a 75% interest in the Miran field , with Genel Energy holding the residual 25%.

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Oil & Gas Middle East - September 2020

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