WesternZagros Q1 Results and Updates

Operations - Garmian Block

  • The Mil Qasim Upper Bakhtiari-1 was spudded on May 19, 2013. This is the first well of a planned three-well drilling program that will explore the shallow Upper Bakhtiari formation in the southern part of the Garmian Block.
  • A 2,000 horsepower rig has been mobilized from North America and is currently being set-up at the Hasira-1 location. Hasira-1 has an anticipated spud date in early June 2013 and will appraise the extent of the oil leg previously encountered in the Jeribe reservoir at Sarqala-1 and also explore the deeper Oligocene reservoir potential beneath the Jeribe.
  • The acquisition phase of the 2D seismic survey over the Chwar prospect and the 3D seismic survey over the Sarqala and Mil Qasim oil discoveries and the Zardi Complex prospect was completed on April 8, 2013, on time and on budget. Processing and interpretation of the obtained data is currently underway.
  • On the Baram prospect, the data from the Kurdamir-2 well resulted in an increase of the total mean estimate of gross unrisked prospective resources by over 300 percent to 423 million barrels of oil. The Company now interprets that the Baram prospect has the potential to contain an extension of the Kurdamir oil leg into the Garmian Block.
  • If successful and the extension is confirmed, the Baram-1 exploration well could be the Company's highest impact well in 2013, with the potential to add gross unrisked mean contingent resources of 200 to 300 million barrels of oil equivalent (MMBOE) in the Garmian Block and 500 to 600 MMBOE in the Kurdamir Block. A second 2,000 horsepower drilling rig will be deployed shortly from North America for transport to the Baram-1 location with an anticipated spud date in the third quarter 2013.
  • The Company is also beginning to prepare for future exploration wells, with the Qulijan-1 well site prepared and long leads beginning to be ordered.
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