On February 14, 2012, the Corporation announced an oil discovery in the Upper Fars Formation at the Mil Qasim-1 exploration well. Four tests were conducted in the Mil Qasim-1 well resulting in the flow of light, 43 to 44 degree API oil to surface from low permeability, naturally fractured sandstones in the Upper Fars Formation. WesternZagros commenced additional testing on the Test 4 interval at Mil Qasim-1 during the first week of April 2012 to further clean-up the well and gain additional information on the long term deliverability of the Upper Fars reservoir. The Corporation is investigating stimulation and alternate drilling techniques to determine how to increase flow rates and unlock the considerable potential of the Upper Fars Formation.
About the Corporation
WesternZagros is a publicly-traded, Calgary-based, international oil and gas company engaged in acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros holds two Production Sharing Contracts ("PSCs") with the Kurdistan Regional Government ("KRG") in the Kurdistan Region of Iraq that are both on trend with, and adjacent to, a number of prolific historic oil and gas discoveries. The Kurdamir and Garmian PSCs each govern separate contract areas (collectively referred to as the "PSC Lands"). The Garmian contract area (1,780 square kilometres) is operated by WesternZagros. The Kurdamir contract area (340 square kilometres) is operated by Talisman (Block K44) B.V. ("Talisman") with a 40 percent working interest. WesternZagros holds a 40 percent working interest in both PSCs. The KRG holds a 20 percent working interest in both PSCs. The remaining 40 percent third party participant interest ("TPPI") in the Garmian PSC is held pending assignment by the KRG to a third party participant.
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