WesternZagros Confirms Oil in Eocene Reservoir at Kurdamir-2

Commenting on the Eocene test results, WesternZagros's Chief Executive Officer Simon Hatfield (pictured) said:

"Proving a light oil discovery in the Eocene at Kurdamir-2 was our main objective for this test. This test result provides another piece of evidence that Kurdamir and the neighbouring Tophkana structure share a common oil accumulation in the Eocene reservoir. We are now undertaking further work to better understand the reservoir characteristics and the drilling, completion and stimulation techniques that will be required to make the Eocene a viable commercial reservoir in the future."

The Eocene reservoir has the potential to be an attractive oil resource addition to the main Kurdamir Oligocene hydrocarbon resource. The combined audited unrisked mean estimate for all three reservoirs on the Kurdamir prospect is 1,609 MMbbl of prospective oil resources as at May 31, 2012, 17 percent of which (278 MMbbls), is attributed to the Eocene. The Company does not expect this number to change materially.

As previously reported in March 2012, the first drill stem test on the Kurdamir-2 well resulted in a major oil discovery in the Oligocene interval. The well was then drilled to a total depth of 4,000 metres in June 2012. In addition to the oil-bearing intervals encountered in the Oligocene and Cretaceous reservoirs, hydrocarbon shows and wireline logs indicated the presence of a gross hydrocarbon-bearing interval of approximately 275 metres of fractured limestones and marls in the Eocene Formation, which was the focus of the recent testing program.

Preparations are currently underway to conduct a multi-cased-hole testing program on the primary zone of interest in this well, which is the 118 metres of gross oil pay already discovered in the Oligocene that accounts for 72 percent of the prospective oil resources in the Kurdamir prospect. The operator, Talisman (Block K44) B.V., and WesternZagros are aligned on planning a 3D seismic program over the Kurdamir and Topkhana structures and a further appraisal well (Kurdamir-3) to assess the ultimate size of the Kurdamir discovery. WesternZagros and Talisman each have a 40 percent working interest in the Kurdamir Block, with the Kurdistan Regional Government holding the remaining 20 percent.

(Source: WesternZagros)

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