WesternZagros Resources announced on Wednesday its operating and financial results for the first quarter ended March 31, 2012, and additional key highlights and activities to date.
- $25.9 million of gross oil proceeds in Q1 2012, more than double the proceeds generated in Q4 2011.
- Proceeds generated from the sales of 450,000 barrels of test oil from the Sarqala-1 well.
- WesternZagros had $30.6 million in working capital at end Q1 2012 compared to $41.0 million at end Q4 2011.
- Subsequent to the quarter end, the Corporation reported an increase in the mean estimate of gross unrisked contingent resources (“Mean Contingent Resources”) within its PSC lands to 171 million barrels (“MMbbl”) of oil compared to 54 MMbbl reported previously. Increase due to the discovery reported at the Kurdamir-2 exploration well of 147 MMbbl Mean Contingent Resources, and a further 1.4 billion barrels (“Bbbl”) mean estimate of gross unrisked prospective resources (“Mean Prospective Resources”).
- On a Mean Prospective Resources basis for the entire PSC Lands, the Corporation is able to report 4.7 billion barrels of oil equivalent (“BOE”) compared to 3.7 billion BOE reported previously.