WesternZagros Spuds Kurdamir-3

Baram-1 Exloration Well

The Baram-1 well, is planned to spud in the third quarter of 2013, in order to explore a potential extension of the oil leg in the Oligocene reservoir of the Kurdamir discovery into the Garmian Block. WesternZagros expects the well to take approximately five months to reach the planned total depth of 3,800 metres. An additional drilling rig is also currently being prepared in North America. The Company expects the gross costs of drilling and testing operations to be $55 million. The Company believes that this well has the potential to also prove up significant additional gross contingent oil resources on the Kurdamir Block if the Baram-1 drilling results support the Company's interpretation that the Baram structure is a potential extension of the Kurdamir discovery.

The completion of either Baram-1 or Hasira-1 in 2013 would fulfill the Company's obligations under the second exploration sub-period of the Garmian PSC, prior to any extension of such sub-period.

Upper Bakhtiari Three-Well Drilling Program

This program is to explore the potential of the shallow (500 to 700 metres depth) Upper Bakhtiari formation in the southern part of the Garmian Block through a low cost, three well drilling program. The Company plans to spud the first well in the second quarter of 2013 subject to the availability of a drilling rig in Kurdistan.

(Source: WesternZagros)

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