WesternZagros Resources Ltd. (TSX VENTURE:WZR) has announced its results for the period ended September 30, 2010.
On October 14, 2010, the Company safely and successfully completed well control operations at the Kurdamir-1 well, which is WesternZagros' second exploration well in the Kurdistan Region of Iraq ("Kurdistan"). The open hole in the well has been plugged and cemented up to the depth of approximately 2,500 metres, and no further drilling is planned for Kurdamir-1 at this time.
With the well control operations complete, WesternZagros is performing two series of cased hole tests of the Lower Oligocene formation in the Kurdamir-1 well. The Company is pleased with the results of its first cased hole test, which was completed in a zone between 2,365 and 2,415 metres. This test achieved a maximum flow rate, after acidization, of 18.3 million cubic feet per day of gas and a maximum yield of 86 barrels of high quality, 62 degrees API natural gas liquids (condensate), per million cubic feet of gas. No formation water was recovered during the testing. In addition, a mixture of light crude oil and condensate was recovered during the test prior to acidizing the formation. After acidizing the well, the Company interprets that the high gas flow rates and pressures prevented further oil flow. The second cased hole test is currently being performed in a zone between 2,455 and 2,470 metres to confirm the presence of the potential oil leg below the discovered gas and condensate in the Oligocene formation.
At the Kurdamir-1 well, WesternZagros encountered a number of zones of interest in addition to the Oligocene formation, with significant oil shows in the Upper Aaliji, Shiranish and Kometan formations. WesternZagros will not be testing these additional formations in Kurdamir-1 due to wellbore conditions, however further exploration of these zones remains a prime goal. WesternZagros and its co-venturers, the Kurdistan Regional Government ("KRG") and Talisman Block K44 B.V. ("Talisman"), are investigating drilling another well at Kurdamir to obtain a thorough and definitive evaluation of the potential of the structure. This well - Kurdamir-2 - is planned to be spudded after drilling the third exploration well required under the Production Sharing Contract ("PSC") that WesternZagros holds with the KRG.
WesternZagros has identified two locations, Mil Qasim and Qulijan, as potential drilling opportunities and is currently preparing to drill Mil Qasim to meet the third well commitment. The Company plans to complete site construction, well planning and the ordering of the necessary long lead items in the fourth quarter of 2010 and the first quarter of 2011, and anticipates spudding the Mil Qasim well early in the second quarter of 2011.
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