Major New Oil Discovery in Iraqi Kurdistan

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The Kurdamir-2 test and wireline log data will be analyzed to update contingent and prospective resource estimates for the Oligocene which, in the Company's views, are likely to materially increase. Once confirmed by the Company's independent auditors, this update will be publicly released.

Prior to these latest results, the independently audited unrisked mean estimates for the contingent resources in the Oligocene reservoir of the Kurdamir structure were 920 billion cubic feet of gas, 35 million barrels ("MMbbl") of condensate and 30 MMbbl oil, plus an unrisked mean estimate of 280 MMbbl prospective oil resources as of December 14, 2010.

The Kurdamir-2 exploration well was spudded on October 25, 2011 and is operated by Talisman. The well is located approximately two kilometres northeast of the Kurdamir-1 discovery well and is targeting the Oligocene, Eocene and Cretaceous reservoirs on the flank of the structure where the combined potential oil interval is likely at maximum thickness.

The combined audited unrisked mean estimate for all three reservoirs on the Kurdamir structure is 585 MMbbl of prospective oil resources as at January 14, 2011. WesternZagros and Talisman each have a 40 percent working interest in the Kurdamir Block with the Kurdistan Regional Government ("KRG") holding the remaining 20 percent.

(Source: WesternZagros)

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