These latest audited estimates represent an increase in the combined Mean Contingent Resources on the Kurdamir and Garmian exploration blocks ("PSC Lands") to 171 MMbbl of oil, or 415 MMBOE when gas and condensate are included. Prior to the drilling of Kurdamir-2, these estimates were 54 MMbbl of oil, or 258 MMBOE. These latest audited estimates represent an increase in the combined Mean Prospective Resources on the PSC Lands to 3.2 Bbbl of oil, or 4.7 billion BOE when gas and condensate are included. Prior to the drilling of Kurdamir-2, these estimates were 2.3 Bbbl of oil, or 3.7 billion BOE. These updated mean estimates have been independently audited by Sproule International Limited ("Sproule").
Currently in the Kurdamir-2 well, an intermediate casing is being set in the Aaliji seal at 3,140 metres, having successfully drilled through the Eocene interval where it encountered numerous oil shows. Drilling will continue through the Cretaceous reservoir with the approximate total depth anticipated to be 4,072 metres. Under the Kurdamir Production Sharing Contract (PSC") commitments, the Kurdamir-2 well is required to be drilled by June 30, 2012 which will then be followed by a fulsome testing program of the indicated pay intervals of the Eocene and Cretaceous reservoirs. In addition, the Corporation is working with the operator, Talisman (Block K44) B.V. ("Talisman") to examine options for cased hole testing of the 118 metres of gross oil pay in the Oligocene. The co-venturers are also planning a 3D seismic program over the Kurdamir structure and a further appraisal well (Kurdamir-3) to assess the ultimate size of the Oligocene reservoir.
For the three month period ended March 31, 2012, the Corporation generated $25.9 million of gross proceeds from the sales of approximately 450,000 barrels of test oil from the Sarqala-1 well. Lifting of Sarqala-1 crude oil has not been affected despite the Kurdistan Regional Government ("KRG") halting the exporting of oil from the Kurdistan region due to a dispute with the federal government in Baghdad, and Sarqala-1 production continues at an average rate of approximately 5,000 bbl/d. However, effective May 1, 2012 the KRG began to receive approximately 36% of the production in kind. The Corporation has entered into contracts for April and May production and received total proceeds of $14.2 million, after consideration of the KRG volumes that were taken in kind for May production.
This is major news considering you can buy the stock under 1 dollar..Go WESTERNZARGOS!!!!
Please don't fall into the same trap as the dinar holders. Just becaue it's cheap doesn't make it a great buy. It very well could be great buy, but tell me what the market cap is? What's the p/e? Price per share is totally meaningless without knowing a few other things.
Stew I think you have it wrong about WESTERNZARGOS....THE PE IS 42.3 TO LEARN MORE VISIT http://www.macroaxis.com/invest/market/WZR.V--technical--WesternZagros_Resources_Ltd
Not sure how I’m wrong since I didn’t really make any kind of claim.
From your link….
WesternZagro Price to Earning
Based on latest financial disclosure the price to earning indicator of WesternZagros Resources Ltd. is roughly 42.5 times. This is 97.67% higher than that of Basic Materials sector, and 85.59% higher than that of Independent Oil and Gas industry, The Price to Earning for all stocks is 103.74% lower than the firm.
Just my opinion, but that reads like they are bit over priced.
I haven’t followed this too closely. But aren’t these contracts between the Kurds and WZ frowned upon by the Iraqi government? I believe the Central Gov in Baghdad claims they have the sole right to negotiate contracts and export oil and gas