WesternZagros Resources announced today its operating and financial results for the first quarter ended March 31, 2013, and additional key highlights and activities to date.
Commenting on the first quarter results and subsequent events, WesternZagros’s Chief Executive Officer, Simon Hatfield (pictured) said,
“Our twin goals of increasing proven resources and production potential are our main focus and the first quarter provided a solid start to the year. So far in 2013 we have spud an appraisal well on one of our major discoveries and have spud the first well of a planned three-well shallow drilling program, we are preparing to spud two more exploration wells, and we have acquired a significant amount of both 2D and 3D seismic data.
We remain very optimistic that the strength of our business model, the proven expertise of our personnel and the evolved efficiency of our drilling program will help us to achieve significant increases in our proven resource estimates from our aggressive multi-rig drilling program in the remainder of 2013, while also continuing our excellent track record in regards to health, safety, environment and security practices.“
Health Safety and Environment (“HSE”)
As at May 21, 2013, WesternZagros achieved a total of over 3.4 million man hours performed safely and 939 days without any Lost Time Incidents.
The total combined mean estimate of gross unrisked contingent resources of the Kurdamir structure increased to 545 million barrels of oil in the Oligocene and Eocene reservoirs (audited by independent reserve evaluator, Sproule International Limited).
On the Kurdamir and Garmian Blocks, the total combined mean estimate of gross unrisked contingent resources is now 974 million barrels of oil equivalent and the total mean estimate of gross unrisked prospective resources is now 4.7 billion barrels of oil equivalent.