Tag Archives | WesternZagros

WesternZagros Resources joins APIKUR

By John Lee. WesternZagros Resources has joined the Association of the Petroleum Industry of Kurdistan (APIKUR), becoming its seventh member. According to a statement from APIKUR: WesternZagros is a privately held American owned company with offices in Calgary, Canada, and in Erbil and Sulaymaniyah in the Kurdistan Region of Iraq. It has invested over $1 […]

KRG files Civil suit against Baghdad Minister of Oil

By John Lee. The Minister of Natural Resources of the Kurdistan Regional Government (KRG) has filed a civil suit against the Baghdad Minister of Oil, accusing him of sending emails and letters with the intention of intimidating international oil companies (IOCs) and interfering with the contractual rights of the IOCs and the KRG. The KRG […]

WesternZagros Boosts Capacity at Garmian

By John Lee. WesternZagros Resources has announced that the operator has completed the installation of surface equipment to expand the Sarqala production facility. Current production for the Sarqala-1 well is approximately 9,500 barrels per day of oil, which is in line with the company's first quarter guidance expectations. (Source: WesternZagros)

Crest Energy takes WesternZagros Private

By John Lee. WesternZagros Resources has announced that it has entered into a definitive agreement with Crest Energy International LLC and its wholly owned affiliate WZG Acquisition Ltd. ("Crest AcquireCo") to take the company private. Crest is an affiliate of Crest Investment Company, a Houston, Texas-based principal investment company. Under the deal, Crest AcquireCo will […]

WesternZagros Announces 42% Production Increase at Sarqala-1

WesternZagros Resources has announced that the operator, Gazprom Neft Middle East B.V. ("Gazprom Neft"), has successfully performed an acid stimulation on the Sarqala-1 well located on the Garmian Block in the Kurdistan Region of Iraq in order to increase the well productivity. The acid stimulation was completed on March 31, 2017 and Sarqala-1 is currently […]

WesternZagros Announces increased Oil Reserves

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 […]

WesternZagros Appoints New Director

WesternZagros Resources has announced that Jonathan Oestreich has been appointed to Western Zagros's Board of Directors as an independent director effective immediately. Mr. Oestreich has also been appointed to the Board's Audit Committee and the Health, Safety, Environment, and Security Committee. In conjunction with this appointment, 500,000 options have been granted to Mr. Oestreich on […]

WesternZagros Defers Draw Date on Debt Facility

By John Lee. WesternZagros Resources has announced that it has reached agreement with its major shareholder, Crest Energy International, to further extend the date by which the Company must deliver to Crest the first drawdown notice (the "Drawdown Deadline") for both debt tranches. Pursuant to the terms of the Loan Agreement, Crest has agreed to […]

WesternZagros Receives $5.5m Insurance Claim

By John Lee. WesternZagros Resources  has announced that it has received US$5.5 million from an insurance claim related to the drilling program for the Hasira-1 well in Iraqi Kurdistan, where testing of the well had to be prematurely terminated in early 2015 due to a considerable influx of reservoir formation debris plugging the tubing. "The […]

WesternZagros Announces Results

By John Lee. WesternZagros Resources has announced its operating and financial results for the second quarter ended June 30, 2016. Commenting on the second quarter results and subsequent events, WesternZagros's Chief Executive Officer Simon Hatfield said: "A significant key milestone was reached with the approval of the Garmian Field Development Plan confirming the commercial potential […]

WesternZagros gets Approval for Garmian Field Development

WesternZagros Receives Approval for Garmian Field Development Plan and Submits Kurdamir Field Development Plan WesternZagros Resources has announced the approval of the Garmian Block Field Development Plan ("FDP") from the Kurdistan Regional Government ("KRG") and the submission of the Kurdamir Block FDP. Garmian Block Field Development Plan Approval WesternZagros and its co-venturer, Gazprom Neft Middle […]

WesternZagros Resumes Production at Garmian

WesternZagros Resources has announced the resumption of crude oil production and sales from the Sarqala-1 well in the Kurdistan Region of Iraq. Sales are to be in accordance with the payment mechanism for crude oil sales announced by the Ministry of Natural Resources of the Kurdistan Regional Government on February 1, 2016 based on the […]