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Heritage Oil (HOC:on Toronto) -- Reports Huge find in Kurdistan 1billion recoverable

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By In4anickel

Posted: Wednesday May 6 12:14:31PM 2009

Heritage said that tests completed on a well drilled in its Miran West concession revealed reserves of between 2.3 billion and 4.2 billion barrels. Heritage reckons that between half and 70 per cent of the oil is recoverable, suggesting that at least one billion barrels can be brought to the surface. The company’s shares soared by 24.9 per cent to close at 500p as analysts concluded that Kurdistan would transform Heritage much as Rajasthani oil made the fortune of Cairn Energy or Tullow’s Ghana discovery. There are 255 million shares outstanding with most of these trading on the London Stock Exchange. I believe 1.6 million still trade on the Toronto. One large caveat here. There is no way at present that oil companies can legally export the oil. It will take a while to start producing but the company is talking of 10,000 barrels/day per well. In4anickel

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