WesternZagros Resources today announced its operating and financial results for the year end ended December 31, 2012, and additional key highlights and activities to date.
With tremendous exploration success and solid operational execution in 2012, WesternZagros moved well ahead on its mission to be recognized as one of the leading junior oil and gas companies active in the Kurdistan Region of Iraq.
Commenting on the year end results, WesternZagros's Chief Executive Officer Simon Hatfield (pictured) said:
"WesternZagros had a breakthrough year in 2012, highlighted by the giant oil discovery at Kurdamir-2. We anticipate building on this success through our fully funded, aggressive exploration and appraisal program of 2013. Our objectives for 2013 include drilling and testing Kurdamir-3 and further exploration and appraisal on the Garmian Block with the Hasira-1 well, Baram-1 well and the Mil Qasim Upper Bakhtiari shallow well program."
Health Safety and Environment ("HSE")
As at March 20, 2013 WesternZagros achieved a total of over 3.0 million man hours of work performed safely and 877 days without any Lost Time Incidents.
The total combined mean estimate of gross unrisked contingent resources at Kurdamir increased to 545 million barrels of oil in the Oligocene and Eocene reservoirs (audited by independent reserve evaluator, Sproule International Limited).
On the Kurdamir and Garmian Blocks, the total combined mean estimate of gross unrisked contingent resources is now 974 million barrels of oil equivalent and the total mean estimate of gross unrisked prospective resources is now 4.7 billion barrels of oil equivalent.
Operations - Kurdamir Block
During the fourth quarter 2012, three intervals were tested within the 168 metres gross hydrocarbon column (22 metres of gas and 146 metres of oil) encountered in the Oligocene reservoir. No formation water was encountered during this testing. The table below summarizes the flow rates from the three intervals tested: