Building on the significant discovery made at Sarqala-1, WesternZagros during the first half of 2012 will begin to design, plan and procure the necessary long lead materials and services for a 3D appraisal program, an appraisal well on Sarqala targeting the Jeribe reservoir ("Sarqala-2") and an exploration well on the Garmian Block to target the Oligocene reservoir ("Hasira-1") that would also appraise the Jeribe reservoir from the Sarqala structure. WesternZagros anticipates that the 3D seismic, Sarqala-2 and Hasira-1 would commence in the second half of 2012, dependent on the availability of the long lead materials and services, including drilling rigs.
Commenting on the third quarter results and subsequent events, WesternZagros's Chief Executive Officer Simon Hatfield said, "We have delivered strong operating performance through the achievements of the last few months, including our first sale of oil from the Sarqala extended well test, securing the necessary funding for our remaining commitments, and by spudding both the Mil Qasim-1 and Kurdamir-2 wells. Our current objectives are increasing oil production from Sarqala-1, completing the drilling and testing at the Mil Qasim-1 well and proving up our prospective oil resources with the Kurdamir-2 well."
Management's Discussion and Analysis
The following management's discussion and analysis ("MD&A") reviews WesternZagros Resources Ltd.'s ("WesternZagros" or the "Company") financial condition, activities and results of operations for the three and nine month periods ended September 30, 2011. It should be read in conjunction with the unaudited condensed consolidated interim financial statements prepared under International Financial Reporting Standards for the period ended September 30, 2011, and the audited consolidated financial statements for the year ended December 31, 2010 prepared under Canadian Generally Accepted Accounting Principles ("GAAP") and the related notes. The effective date of this MD&A is November 18, 2011.
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(Source: WesternZagros)
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