Heritage Oil says makes big Iraq find, shares soar
By Tom Bergin
LONDON, May 6 (Reuters) - British oil explorer Heritage Oil (News) said on Wednesday it has discovered up to 4.2 billion barrels of oil in the Kurdish autonomous region of Iraq, sending its shares soaring 18 percent, despite doubts about the legality of Kurdish oil contracts.
Heritage said in a statement that its Miran West field could be producing 10,000 to 15,000 barrels of oil per day by the end of the year, with plans to truck out the oil until a connection to Iraq's export pipelines can be built.
Analysts roundly applauded the find and lifted their price targets for Heritage's shares.
'Today's news is transformational for Heritage,' Richard Griffith, oil analyst at Evolution Securities said.
Evolution raised its target price for the shares to 800 pence from 500 pence.
www.finanznachrichten.de/...-big-iraq-find-shares-soar-020.htm
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