WesternZagros Receives $5.5m Insurance Claim

By John Lee.

WesternZagros Resources  has announced that it has received US$5.5 million from an insurance claim related to the drilling program for the Hasira-1 well in Iraqi Kurdistan, where testing of the well had to be prematurely terminated in early 2015 due to a considerable influx of reservoir formation debris plugging the tubing.

The Hasira-1 well was safely suspended in the third quarter of 2015 and future options to utilize the well bore continue to be evaluated,” the company said in a statement.

Including the well insurance proceeds, the Company has approximately $32 million in cash and cash equivalents as of September 30, 2016.

(Source: WesternZagros)

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