Tag Archives | WesternZagros

WesternZagros Updates on Kurdistan Ops

WesternZagros Resources has announced its production of light oil in the Kurdistan Region of Iraq averaged approximately 5,000 barrels per day in the third quarter. As previously disclosed, operatorship of the Garmian Block was to transition from WesternZagros to Gazprom Neft Middle East B.V at the end of the exploration period for the block pursuant […]

WesternZagros Falls on Q2 Results

By John Lee. Shares in WesternZagros Resources Ltd. (TSX VENTURE:WZR) closed 3 percent down on Thursday following the announcement of its operating and financial results for the second quarter ended June 30, 2015. Second quarter production from the Sarqala-1 well averaged 5,427 barrels of oil per day (“bbl/d”). The Sarqala-1 well has produced approximately 1.8 […]

WesternZagros Updates on Garmian, Kurdamir

WesternZagros Resources has issued an update in advance of the company’s standard second quarter results which are scheduled for release on 13th August, 2015: Garmian Block Second quarter production from the Sarqala-1 well averaged 5,427 barrels of oil per day (“bbl/d). WesternZagros continues, in accordance with the KRG, to supply this production to the domestic […]

WesternZagros Operational and Corporate Update

WesternZagros Resources has provided an operational update for its Garmian Block in the Kurdistan Region of Iraq, and a corporate update. Hasira-1 Well The Hasira-1 well is in the process of being suspended after conducting a cased-hole testing program in the high pressure Mio-Oligocene oil reservoir. During this test the wellbore experienced a considerable influx […]

WesternZagros Year-End Results

By John Lee. WesternZagros Resources has announced its operating and financial results for the fourth quarter and year ended December 31, 2014. WesternZagros achieved several key financial and operational milestones during 2014 and to date, including the commencement of light oil production and sales at an average rate of 5,000 barrels of oil per day […]

Successful Rights Offering for WesternZagros

By John Lee. WesternZagros Resources has announced the successful closing of its rights offering which expired on November 14, 2014. The Rights Offering, together with the equity backstop arrangement provided by the Company’s largest shareholder, Crest Energy International LLC, generated CDN$200 million in gross proceeds to the Company which will be used to fund development […]

WesternZagros Books First Oil Reserves

By John Lee. WesternZagros Resources has, subsequent to its declarations of commerciality and submissions of development plans, and in accordance with its accounting policies, completed an independent evaluation and a new independent audit of its light oil discovery on the Garmian block in the Kurdistan Region of Iraq. The evaluation has, for the first time, […]

Talisman to Sell Kurdamir Stake

By John Lee. Talisman Energy has said that it still plans to sell its oil properties in Iraqi Kurdistan, despite the recent declaration that its Kurdamir Block was commerical. Reuters reports that the Calgary-based company plans to look for buyers for its Kurdistan assets as it continues restructuring to cut debt and boost its flagging […]

Kurdamir Block Declared Commercial

By John Lee. WesternZagros Resources and its co-venturer, Talisman, have submitted a Declaration of Commercial Discovery (“DoC”) to the Kurdistan Regional Government (“KRG”) for the oil and gas discovery in the Kurdamir Block. A phased development plan, outlining future production wells, facilities and supporting infrastructure, is under preparation for submission to the KRG. Simon Hatfield […]

WesternZagros Up on Possible “Eye-Popping” Increase

By John Lee. Shares in WesternZagros Resources were up 8 percent in early trading on Wednesday following the announcement of its operating and financial results for the first quarter ended March 31, 2014. Commenting on the first quarter results and subsequent events, WesternZagros’s Chief Executive Officer Simon Hatfield (pictured) said: “There have been several key […]

WesternZagros to Start Production at Sarqala

Following approval of its declaration of commerciality by the Kurdistan Regional Government (KRG), WesternZagros Resources has announced that it is moving to develop the first of its two significant light oil discoveries. Once its development plan for the Sarqala field is approved, the Company expects to produce up to 10,000 barrels per day (bbls/d) of […]

Oil Find Declared Commercial, Shares Fall

Shares in WesternZagros Resources fell 12 percent on Thursday following the announcement that it has completed a revised resources assessment of its Kurdamir Oligocene reservoir in the Kurdistan Region of Iraq and there are no material changes. On the Garmian Block, declaration of commerciality has been filed, the Baram-1 exploration well has discovered light oil, […]