Heritage Oil Plc, an independent upstream exploration and production company, has announced a major gas discovery in the Kurdistan Region of Iraq.
Following completion of the deepening and testing of the Miran West-2 well, management estimates that the Miran West structure has P90-P50 gross in-place volumes of gas of between 6.8-9.1 trillion cubic feet (TCF) with 42-71 MMbbls of condensate and 53-75 MMbbls of oil.
The highly productive Jurassic reservoir intervals tested at a restricted cumulative flow rate of over 75 million cubic feet per day (MMscfd).
The estimated gross in-place volumes of between 6.8-9.1 TCF, with a potential field size on the upside of 12.3 trillion cubic feet of natural gas.
“The discovery of a major gas field of up to 12.3 trillion cubic feet, in-place with exceptional flow rates makes this one of the largest gas fields to be discovered in Iraq. This well has substantially de-risked the field so we have the confidence to accelerate the work programme on Miran.” said Tony Buckingham, CEO of Heritage Oil.
Management estimates Heritage has mean risked contingent and prospective resources in Miran West and Miran East of 744 million barrels of oil equivalent (MMboe), based on a 75% working interest.
Development options being considered with first production targeted for 2015 using planned regional infrastructure.
On the back of recent positive results the 2011 multi-well drilling programme has been accelerated with the Miran West-3 appraisal well scheduled to commence drilling in the second quarter
The company has said a second rig is planned to commence drilling in the autumn of 2011.
“We are considering various development options including a tie-in to planned infrastructure that will achieve first production for both oil and gas in 2015,” added Buckingham. “This discovery has the potential to generate substantial further value for our shareholders and benefit the people of Kurdistan and Iraq.”
