Heritage strikes oil, shares increase

Canadian independent Heritage Oil has encountered significant oil shows during its drilling of exploration wildcat Miran West–1. Having reached a depth of 2,935 metres, the company said it had hit hydrocarbon shows over a staggering 1,100-metre interval, covering all three principal formations targeted, the Shiranish, Kometan, and Qamchuqua reservoirs.

The company is now preparing well tests for the wildcat, with its first drilling on the promising Miran licence, in the central part of the autonomous Iraqi Kurdistan region, west of Suleymania.