WesternZagros Resources has completed testing operations in the Oligocene reservoir of the Kurdamir-3 appraisal well on the Kurdamir oil and gas discovery in the Kurdistan Region of Iraq.
Although the testing operations took longer than anticipated due to mechanical difficulties, the results of the third and fourth drill stem tests (DST #3 and DST #4) confirm the presence of light oil, with an oil-water contact at a depth of at least -2,049 metres subsea ("mSS"), which is a minimum of 33 metres deeper than the lowest known oil at -2,016 metres from the Kurdamir-2 well.
The results continue to confirm the scale of the Kurdamir oil discovery.
Following the testing of Kurdamir-2, the Company's independent resource evaluators confirmed that the Kurdamir Oligocene reservoir holds a mean estimate of 390 million barrels of gross unrisked contingent resources of oil, and an additional 327 million barrels of oil equivalent of gross unrisked contingent resources of gas and condensate.
Although the Company has yet to present the latest findings to its independent resource evaluators, internal evaluations support that the most likely outcome will result in no material change to the current contingent resource estimates.
Simon Hatfield (pictured), Chief Executive Officer of WesternZagros, said:
"Based on the Kurdamir-3 results and the other appraisal activities on the Kurdamir Block to date, we are working towards filing a Declaration of Commerciality for the Kurdamir discovery with the Kurdistan Regional Government ("KRG").
"We are planning to file the development plan with the KRG in 2014 upon integration of the well results with the interpretation of the recently-shot 3D seismic program, and the results of an extended well test planned for Kurdamir-2."