WesternZagros Q1 Results and Updates

Corporate

  • The Company is pursuing admittance to the Standard Listing segment of the Official List of the London Stock Exchange ("LSE") in order to provide access to an alternate market with a strong understanding of the Middle East and, particularly, Kurdistan focused companies.
  • On February 1, 2013, Mr. William Jack was appointed to the position of General Manager Kurdistan with responsibility for government liaison and in-country administration following the retirement of Mr. Ian McIntosh.

Outlook

In accordance with the Kurdamir and Garmian PSCs, the end of the exploration periods are September 1, 2014 and December 31, 2014, respectively, after which the development periods begin. On the Kurdamir Block, the Company's focus will be on continued appraisal drilling to delineate the existing 943 MMBOE of Gross Mean Contingent Resources and an estimated 1.6 billion BOE of Gross Mean Prospective Resources. On the Garmian Block, the Company's focus will be on exploration drilling to delineate the following estimated Gross Mean Prospective Resources: 527 MMBOE on the Baram prospect, 463 MMBOE on the Sarqala Discovery and 143 MMBOE on the Mil Qasim Upper Bakhtiari Discovery. In addition, WesternZagros's work program on the Garmian Block over the next two years will be on exploration activities to rank, prioritize and drill the highest ranked additional prospects prior to the end of the exploration period. This ranking will be based on the results of the North and South Garmian Seismic Programs (2D and 3D), the 2013 drilling results from the Company's planned wells on the Garmian and Kurdamir Blocks and also other Operator's wells on neighbouring blocks. Possible prospects for future exploration drilling in 2014 include Qulijan, Chwar, Bawanoor, Alyan, Zardi Complex, Tilako and the Upper Fars Fault Trap play.

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