WesternZagros Resources has announced a 60 percent increase in the company's Proved plus Probable ("2P") Reserves and a 250 percent increase in the net present value of the future net revenue of such reserves discounted at 10 percent ("NPV10").
The company has also provide d an Operational Update and confirmation of receipt of all proceeds for 2016 oil sales.
Reserve Report Highlights
The Company's Reserves as at December 31, 2016 were evaluated by the Company's independent reserves evaluators, Sproule International Limited ("Sproule") for the Sarqala Jeribe / Upper Dhiban reservoir on the Garmian Block located in Kurdistan, Iraq in a report dated February 28, 2017 (the "2016 Sproule Report").
The 2016 Sproule Report has been prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGEH") and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI51-101").
Highlights of the 2016 Sproule Report in comparison with the reserves evaluation completed by Sproule as at December 31, 2015 include:
- The estimated 2P Reserves (Gross Block) increased by 60 percent to 20.7 million barrels ("MMbbl") of oil.
- The estimated NPV10 of the Company's 2P Reserves increased by 250 percent to US$113.4 million.(1)
- On a fully diluted share basis, this NPV10 reflects a value of CAD$0.18/share.(2)
(Source: WesternZagros Resources)