FINANCIAL NEWS

Heritage to dig deeper in Iraq oil well

08 Apr 2010

(MENAFN) Heritage Oil, a British oil explorer, said that it will drill deeper at a test well in Iraq and pushed out the timeframe for completion on a deal to sell its Ugandan interests, hurting its shares, AFP reported.

The company said in a statement that having drilled to a depth of 2,627 meters at its Miran West-2 well in the Kurdistan region of Iraq, it would need to extend exploration to 4,600 meters, adding four to five months to its drilling schedule.

Seperately, Heritage said it had received a letter from the Ugandan government saying that it would conclude its review of Heritage’s sale of its stakes in Uganda’s block 1 and block 3A oil fields to Tullow Oil within eight weeks.

Heritage will be able to close the deal once it has received formal approval from the government which it expects to come shortly after the government review has concluded.

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