Heritage Oil Limited

Heritage Oil Limited

March 25, 2009 02:00 ET

Heritage Oil to Test Miran West-1 Well in the Kurdistan Region of Iraq

CALGARY, ALBERTA--(Marketwire - March 25, 2009) -


Heritage Oil Limited (TSX:HOC)(LSE:HOIL), an independent upstream exploration and production company, announces that it has reached target depth on the Miran West-1 exploration well in the Kurdistan Region of Iraq and it is preparing to test the well.


- Miran West-1 reached a total depth of 2,935 metres

- The well encountered oil shows over a 1,100 metre interval

- Excellent oil shows were seen over the three principal proven reservoir formations in the region

- Preparations are underway to begin testing

- Testing is anticipated to take up to one month to complete

- First ever well to be drilled on the Miran licence in the Kurdistan Region of Iraq

- The Miran Block is located close to one of Iraq's major export pipelines

The Miran West-1 exploration well, which commenced drilling on 21 December 2008, reached a total measured depth of 2,935 metres. The well encountered oil shows over an interval of 1,100 metres and good quality light, sweet oil was recovered to surface during drilling operations. Evidence from wireline logs and shows whilst drilling indicates the presence of hydrocarbons in the three main producing zones in the region; the Shiranish, Kometan and Qamchuqua reservoirs.

Heritage anticipates that it will commence testing operations on the Miran West-1 well within ten days, following completion of wireline logging operations. The testing programme is expected to take up to one month to complete. The Company plans to perforate the most highly prospective fractured zones and run a series of drill stem tests (DSTs) through casing over a gross interval of approximately 500 metres.

A further announcement will be made upon completion of the testing programme.

The Miran licence contains two large structures covering approximately 330 square kilometres. These structures, Miran West and Miran East, have been mapped from the 332 kilometres of excellent quality seismic data acquired by Heritage between April and June 2008.

Tony Buckingham, Chief Executive Officer, commented:

"This is an exciting time for Heritage as we make preparations to test the high impact Miran West-1 exploration well. The excellent oil shows over such a large interval of 1.1 kilometres highlights the multi-billion barrel oil potential of the prospects on the Miran licence, given the extensive area of the two Miran structures. We believe that Miran, like our unprecedented success in Uganda, has the potential to transform Heritage and deliver excellent value for our shareholders."

Heritage Energy Middle East, a wholly-owned subsidiary of Heritage, is operator and holds a 100% interest in the Miran licence, although there are back-in rights, which if fully exercised could result in a minimum holding of 56.25%. The Miran licence has an area of 1,015 square kilometres and is located west of the city of Suleimaniah.

Notes to Editors

- Heritage is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250 Index. The trading symbol is HOIL. Heritage has a further listing on the Toronto Stock Exchange (TSX:HOC).

- Heritage is an independent upstream exploration and production company engaged in the exploration for, and the development, production and acquisition of, oil and gas in its core areas of Africa, the Middle East and Russia.

- Heritage has producing properties in Oman and Russia and exploration projects in Uganda, the Kurdistan Region of Iraq, the Democratic Republic of Congo, Malta, Pakistan, Tanzania and Mali.

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Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Heritage - constitute forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves and recoveries; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties as disclosed under the heading "Risk Factors" in its Prospectus and elsewhere in Heritage documents filed from time-to-time with the London Stock Exchange and other regulatory authorities. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.

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