The prospective resource assessment numbers for the Tertiary Eocene and Cretaceous reservoirs at Kurdamir-1 are separate and in addition to the prospective resource assessment of the Tertiary Oligocene reservoir at Kurdamir-1 as previously disclosed on December 16, 2010. WesternZagros' best estimate of gross unrisked prospective oil resources on the flank of the Kurdamir Tertiary Oligocene reservoir is 260 MMbbl as of December 14, 2010, if this reservoir that lies below 2,469 metres on the flank of the structure contains oil. Tables 1 and 2 below provide the range of estimates including the previously announced estimates for the Kurdamir-1 Tertiary Oligocene.
The figure below indicates the schematic distribution of unrisked prospective oil resources in the Jeribe reservoir at the Sarqala-1 well, and in the Upper Fars reservoir at Mil Qasim in Block K44, as at January 14, 2011.
To view the Mil Qasim & Sarqala Structures Schematic Cross Section graphic, please click here.
The Company is assessing the potential of additional prospects, including satellite prospects adjacent to the Kurdamir discovery, and will continue to release the audited results of these assessments as they become available.
Sproule carried out an independent audit of the Kurdamir, Mil Qasim and Sarqala resources in accordance with the current guidelines outlined in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Pursuant to the COGE Handbook, an audit is the process whereby an independent qualified reserves auditor carries out procedures designed to allow the independent qualified reserves auditor to provide reasonable assurance that a reporting issuer's reserves data (or specific parts thereof) have, in all material respects, been determined and presented in accordance with the COGE Handbook and are, therefore, free of material misstatement.
Block K44 consists of approximately 2,120 square kilometres of land in the Kurdistan Region of Iraq. WesternZagros holds a 40 per cent working interest in Block K44 pursuant to a Production Sharing Contract ("PSC") with the Kurdistan Regional Government signed on February 28, 2008. Additional information concerning the terms of the PSC can be found in the Corporation's Annual Information Form dated March 25, 2010, which is available at www.sedar.com.
Tables 1 and 2 provide estimates of the oil, associated gas, gas condensate and solution gas resources in the Tertiary Oligocene, Tertiary Eocene, and Cretaceous reservoirs at Kurdamir-1, the Jeribe reservoir at Sarqala-1 and the Upper Fars reservoir at the Mil Qasim-1 reservoir in Block K44, as at December 14, 2010 in respect of the Tertiary Oligocene and as at January 14, 2011 in respect of the other reservoirs.
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