Last C$0.78 CAD
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As of 3:59 PM 09/23/14 All times are local (Market data is delayed by at least 15 minutes).

westernzagros resources ltd (WZR) Snapshot

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52 Week High
07/8/14 - C$1.28
52 Week Low
10/28/13 - C$0.69
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westernzagros resources ltd (WZR) Details

WesternZagros Resources Ltd. is engaged in the acquisition, exploration, development, and production of crude oil and natural gas in Iraq. It holds 40% interests in the Garmian production sharing contract (PSC) covering approximately 1,780 square kilometers; and the Kurdamir PSC covering approximately 340 square kilometers in the Kurdistan Region of Iraq. The company was founded in 2003 and is headquartered in Calgary, Canada.

600 Employees
Last Reported Date: 03/13/14
Founded in 2003

westernzagros resources ltd (WZR) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: C$340.0K
Chief Financial Officer
Total Annual Compensation: C$240.0K
Executive Advisor of Corporate Projects
Total Annual Compensation: C$191.4K
Compensation as of Fiscal Year 2013.

westernzagros resources ltd (WZR) Key Developments

WesternZagros Resources Ltd. Announces Executive Changes

WesternZagros Resources Ltd. announced changes to its development management team with the promotions of Lance Berg to Vice President Engineering and Operations, and Bob Markle to General Manager Drilling and Completions. Michael Mossman, current Senior Vice President Engineering and Operations, has elected to retire following a diverse and successful 38 year career. Lance Berg joined WesternZagros as Garmian Development Project Manager in March 2013 to develop, manage and lead the development planning for the Sarqala oil field. He will now be accountable for the Engineering and Operations group. Bob Markle joined WesternZagros in June 2013 as Drilling Manager, Calgary. Mr. Markle will be responsible for the Company's development drilling and completions programs.

WesternZagros and Talisman (Block 44) B.V Declare Commercial Discovery at Kurdamir

WesternZagros Resources Ltd. and its co-venturer, Talisman (Block K44) B.V. have submitted a Declaration of Commercial Discovery to the Kurdistan Regional Government for the oil and gas discovery in the Kurdamir Block. A phased development plan, outlining future production wells, facilities and supporting infrastructure, is under preparation for submission to the KRG. Future expansion phases will be determined by the success of the first phase of the development drilling campaign. The co-venturers are advancing plans for the first horizontal development well with an anticipated spud date in fourth quarter of 2014, subject to KRG approval. The DoC submission was accompanied by an Appraisal Report, which reflects the work conducted during an exploration and appraisal program on the Kurdamir field that began in 2009 and concluded in May 2014. The program consisted of acquiring 2D and 3D seismic, drilling three exploration wells, performing numerous formation tests and carrying out an extended well test. Positive results from the Kurdamir-2 EWT were a key component in advancing the DoC.

Westernzagros Resources Ltd. Announces Operating Results for the First Quarter Ended March 31, 2014

WesternZagros Resources Ltd. announced operating results for the first quarter ended March 31, 2014. WesternZagros's assets comprise two contract areas, the Garmian and Kurdamir blocks, with significant oil and gas discoveries on both. These blocks are on trend with the super-giant Kirkuk oil field and adjacent to a number of prolific oil and gas discoveries. Operated Joint Venture: Garmian Block: The Company declared the commerciality of the Sarqala Discovery on December 23, 2013, and design work is underway on future development plans for the oil resources in the Sarqala area. As part of the Sarqala development plan, a workover commenced in March 2014 on the Sarqala-1 well to increase the production capability above the current capacity of 5,000 barrels of oil per day (bbl/d) up to 10,000 bbl/d. Upon approval of the development plan, the Company anticipates commencing oil sales into the domestic market or into the export market via the new Kurdistan Region-Turkey pipeline. The Hasira-1 well has reached a total depth of 4,181 metres, drilling through both the Jeribe and Oligocene reservoirs. Logging and initial open hole tests conducted in both reservoirs have confirmed light oil in both the Jeribe and Oligocene reservoirs. The open hole test completed in the Oligocene reservoir flowed oil to surface during an initial clean up flow, however the test was prematurely terminated after six hours due to formation debris plugging the tubing. Estimated rates from the cleanup flow period were 3,000 barrels per day of fluid, with up to 40% oil cut, the balance being drilling fluids. The oil flowed to surface was consistent with the oil produced from Sarqala-1, approximate 40 degree API and no indications of H2S. Currently the Company is casing the Oligocene reservoir section, and then will suspend the well for future testing of both the Oligocene and Jeribe reservoirs utilizing the more cost-effective workover rig which will be moved to Hasira-1 once it has completed the workover of Sarqala-1. Non-Operated Joint Venture: Kurdamir Block -- WesternZagros updated its contingent and prospective resource estimates for the Oligocene reservoir in the Kurdamir structure based on new information obtained from the drilling of the Kurdamir-3 well and the interpretation of 3D seismic data. The revised resources assessment has been audited by the Company's independent reserves evaluator, Sproule International Limited, as of February 10, 2014, resulting in a revised mean estimate of gross unrisked contingent resources of 750 MMBOE, an increase of 5% from those previously recognized. On an oil basis, the Mean Contingent Resources are now 386 million barrels of oil (MMbbl). The combined Mean Contingent Resources estimates for the Oligocene and Eocene reservoirs in the Kurdamir Block are now 976 MMBOE or 541 MMbbl on an oil basis. The revised mean estimate of gross unrisked prospective resources (Mean Prospective Resources) for the Oligocene reservoir at Kurdamir is now 1,084 MMbbl of oil, effectively unchanged from a previous estimate of 1,076 MMbbl of oil. Subsequent to updating the contingent and prospective resources, the Company has conducted the following work to better understand the Kurdamir discovery and prepare for future development activities and for further delineation of the prospective resources: A 44-day extended well test (EWT) from the drill stem test (DST) 6 interval at the Kurdamir-2 well. Cumulative oil production was approximately 90,000 barrels and during this time no formation water was produced. The Company views this information as support that the current contingent resource estimates, which limit lowest known oil to a depth in the range between -2,049 and -2,081 mSS, represents a conservative view. During testing, the oil flow rate was restricted to limit the volume of gas flared as per the requirements of the KRG.


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