Shares in WesternZagros Resources are up 35% on Tuesday following the company's announcement of an oil discovery in the Jeribe Formation at the Sarqala-1 exploration well in the Kurdistan Region of Iraq.
The cpmpany says the Jeribe Formation flowed light, 40 degrees API oil at a stabilized rate of 6,000 barrels per day over the 24 hours of the initial flow period. This rate was achieved through a 36/64 inch choke at a flowing well head pressure of 3,900 psi and without any stimulation. No water was produced during this flow.
Simon Hatfield, CEO of WesternZagros commented:
"We're very excited to confirm an oil discovery in the Jeribe Formation. With these encouraging initial results, we will continue the testing to evaluate the full flow capability at the well and its potential for early production."