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Miran West boost for Heritage

Heritage Oil has hit yet more gas at Miran West
April 3, 2012

The share price of Heritage Oil climbed more than 10 per cent after the company revealed a fresh discovery at its Miran West gas field in Kurdistan.

IC TIP: Buy at 153p

Heritage encountered a completely new gas-bearing reservoir in the Miran West-3 well, which flowed at rates as high as 17m cubic feet of dry gas a day. There should be further updates in the current quarter, as drilling continues to the primary targets of the well within the main Jurassic reservoir.

Heritage owns a 75 per cent stake in the project with Tony Hayward's Genel Energy accounting for the remainder.

The news coincided with the resignation of Ian Hannam, the JPMorgan Cazenove investment banker, who is to fight a £450,000 fine imposed by the Financial Services Authority for market abuse in relation to Heritage's shares.