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Heritage upbeat on Iraqi oil results

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LONDON, Oct. 5 (UPI) -- London-listed Heritage Oil announced Wednesday it was optimistic following test results from its Miran West-3 well in the Kurdish region of Iraq.

Heritage said it achieved a maximum flow rate of 1,950 barrels of oil per day the Miran West-3 well in the northern Kurdish region. The reservoir has the potential to produce as much as 10,000 bpd from each of its wells there.

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Heritage Chief Executive Officer Tony Buckingham said the company was "encouraged" by the results, which came from the first test of the Miran West-3 well.

The company added that the flow from the well was "severely restricted" by the capabilities of test equipment on the surface. Pressure data from the well indicated the Miran West structure held 53 million-75 million barrels of oil.

Buckingham in April said discussions with the Kurdistan Regional Government on Miran were "very constructive" noting they could lead to quick development of the field. The company announced the start of its drilling campaign there in August.

The company said Tuesday it acquired a 51 percent interest in Sahara Oil Services Holding Ltd. through which it would start to play a substantial role in the development of the oil and natural gas industry in Libya.

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