Heritage gets good news in Iraq

Shares in Heritage Oil jumped more than 10 per cent to 152.3p yesterday after it revealed better than expected gas deposits at its Mirian well in the Kurdistan region of Iraq. The firm said it plans to drill further after discovering a new gas reservoir within the region that had not shown up in its initial seismic surveys. Heritage owns a 75 per cent interest in the block, while Tony Hayward’s Genel holds the other 25 per cent. “We are delighted to have discovered and flowed gas from this reservoir interval,” said chief executive Tony Buckingham.