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Lots of Great News in the Quarterly!
http://ih.advfn.com/p.php?pid=nmona&article=62285378
futr
Talks between Kurdistan and Baghdad point to Progress-
http://www.proactiveinvestors.com.au/companies/news/52916/talks-between-kurdistan-and-baghdad-point-to-progress-over-oil-laws-52916.html?
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January 2014 Corporate Presentation-
http://www.westernzagros.com/wp-content/uploads/2014/01/2014-January-WZR-Corporate-Presentation.pdf
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WesternZagros to Present at Two Industry Conferences
CALGARY, ALBERTA--(Marketwired - Jan. 8, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") will be discussing the Company's latest developments and future plans at two upcoming conferences: the Macquarie Capital (Europe) Limited Oil and Gas Explorers Conference and the TD Securities London Energy Conference 2014.
Timing of the events is as follows:
• Macquarie Capital (Europe) Limited Oil and Gas Explorers Conference - London
Monday, January 13, 2013 at 4:00 PM (GMT)
• TD Securities London Energy Conference 2014 - London
Tuesday, January 14, 2014 at 1:15 PM (GMT)
The Corporate presentation to be presented at these events will be available on the Company's web site at www.westernzagros.com on Monday, January 13, 2014.
About WesternZagros Resources Ltd.
WesternZagros is an international natural resources company focused on acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds a 40 percent working interest in two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan Region of Iraq. WesternZagros's shares trade in Canada on the TSX Venture Exchange under the symbol "WZR".
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
WESTERNZAGROS RESOURCES WAS RECOGNIZED AS A TSX VENTURE 50® COMPANY IN 2012 AND 2013. TSX VENTURE 50 IS A TRADE-MARK OF TSX INC. AND IS USED UNDER LICENSE.
WesternZagros Resources Ltd.
Greg Stevenson
Chief Financial Officer
(403) 693-7007
WesternZagros Resources Ltd.
Tony Kraljic
VP Business Development
(403) 693-7011
WesternZagros Resources Ltd.
Lisa Harriman
Manager of Investor Relations
(403) 693-7017
investorrelations@westernzagros.com
www.westernzagros.com
Smithfield Group
John Kiely
+44 (0) 20 7360 4900
jkiely@smithfieldgroup.com
Smithfield Group
Brett Jacobs
+44 (0) 20 7360 4900
jkiely@smithfieldgroup.com
Smithfield Group
James McFarlane
+44 (0) 20 7360 4900
jmcfarlane@smithfieldgroup.com
futr
Thanks futrcash... very good read. We all need a positive piece once in a while to remind us why were in this.
Great Writeup on Western Zagros-
http://www.theenergyreport.com/pub/na/matt-badialis-insider-tips-from-the-energy-fronts-in-kurdistan-and-tuscaloosa
futr
Futrcash I have no idea... we got no news a little while back when it traded 17 million shares in one day. Still... we like to see a couple million dollars worth change hands at a higher price than we had. SOMEDAY this will take off, and I hope KNPRF goes along with it. Good luck man.
Huge Volume Today!...News on the horizon?
futr
Wising you much luck "futrcash" on your new investment! Thanks for the posts... hadn't seen that December presentation. Looks like things could be getting very exciting this month and in 2014!
Recent Press Release Provides lots of Drilling Info-
: WesternZagros Announces Third Quarter 2013 Operational and Financial Results
7:30a ET November 14, 2013 (Dow Jones)
Press Release: WesternZagros Announces Third Quarter 2013 Operational and Financial Results
WesternZagros Announces Third Quarter 2013 Operational and Financial Results
CALGARY, ALBERTA--(Marketwired - Nov. 14, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") continued to advance numerous exploration and appraisal initiatives on both its operated and non-operated ventures in the Kurdistan Region of Iraq during the third quarter of 2013. On its non-operated venture, the Kurdamir-3 well confirmed the presence of light oil deeper than previously tested at the Kurdamir-2 well, and affirmed the potential of the Kurdamir discovery. On its operated venture, WesternZagros is drilling ahead on two Garmian Block exploration and appraisal wells where testing is expected in the next one to two months. In addition, the Company acquired state of the art 3D seismic data over Kurdamir, Sarqala and the north of the Garmian Block. These data confirm that the Baram prospect is a stand-alone structure with increased potential for success. The 3D seismic data is also a critical tool to identify optimum drilling locations for future wells on both the Kurdamir and Sarqala discoveries. A summary of the activities, the financial statements the accompanying Management Discussion and Analysis ("MD&A") are available at www.westernzagros.com and on SEDAR at www.sedar.com.
Commenting on the third quarter results and subsequent events, WesternZagros's Chief Executive Officer Simon Hatfield said:
"We're pressing forward aggressively with two wells on the Garmian Block. Hasira-1 and Baram-1 have the potential to further increase production capability and contingent resources. Baram-1 well, spudded in August near the Kurdamir discovery, has the highest impact potential of our 2013 drilling program."
"At the same time, we are continuing our analysis of the Kurdamir discovery and incorporating the new information and lessons learned from the Kurdamir-3 well. This well has underscored the need to improve future cementing and acidizing operations; the need to utilize open hole testing whenever possible; the need to utilize 3D seismic data to target highly fractured areas for improved production rates, and the need to pursue horizontal drilling techniques to maximize well deliverability. In addition, the new formation water salinity data will enable us to better predict oil-water contacts on wireline logs in future wells."
Simon Hatfield further commented on the outlook for the remainder of 2013 and 2014:
"During the first half of 2013, we diligently prepared for an increased exploration and appraisal schedule that we began in the third quarter, and will continue through into 2014. We are well positioned as we advance WesternZagros's ambitious plans to deliver production and cash flow from our promising Kurdistan Region light oil discoveries."
"With the commissioning of the new Kurdistan Region oil export pipeline and the rapid development of domestic markets, WesternZagros is looking to declare commerciality on two oil fields - Sarqala this year and Kurdamir in 2014. We've identified four prospective exploration drilling targets in 2014, with Qulijan and Chwar anticipated to spud in first quarter 2014."
Third Quarter Operations Summary
Operated Joint Venture: Garmian Block
In the Garmian Block, WesternZagros is currently drilling ahead on two wells, Baram-1 and Hasira-1, with testing on both expected in the next one to two months. The Baram-1 well has the potential to substantiate gross unrisked contingent resources (mean estimate) of up to 300 million barrels of oil equivalent ("MMBOE"). At the Sarqala-1 well, extended well test ("EWT") production is ready to commence subject to Kurdistan Regional Government ("KRG") approval, and work continues for a planned workover to increase capacity from 5,000 to 10,000 barrels per day ("bbl/d"). WesternZagros is in discussion with its co-venturer, Gazprom Neft Middle East B.V. ("Gazprom Neft"), regarding the declaration of commerciality for the Sarqala discovery which is targeted by the end of 2013.
Baram-1 Well
-- The Baram-1 well was spudded on August 13, 2013 to explore the Oligocene
reservoir.
-- Interpretation of the good quality new 3D seismic data indicates that the
Baram structure is separated from the Kurdamir structure by a fault. This
increases the geological chance of success of Baram-1 to 32%.
-- The well is currently at 3,088 metres and is expected to reach the
planned total depth of 3,800 metres by the end of 2013.
Hasira-1 Well
-- The Hasira-1 well was spudded on June 6, 2013, with the dual objectives
of being a low risk appraisal well for the Jeribe reservoir on the
Sarqala discovery and an exploration well for the deeper Oligocene
formation. The Oligocene exhibited oil shows during the drilling of
Sarqala-1, but was not able to be evaluated at the time.
-- Hasira-1 is currently at 3,919 metres after setting casing just above the
Jeribe reservoir.
-- The well is expected to reach total depth of 4,100 metres in the
Oligocene reservoir by early 2014.
-- The Jeribe reservoir has the potential for 25-50 MMBOE of gross unrisked
prospective resources (mean estimate) while the deeper Oligocene
reservoir has the potential for 50-250 MMBOE of gross unrisked
prospective resources (mean estimate).
-- The well is expected to be completed in either in the Jeribe or the
Oligocene reservoir, depending on testing results.
Sarqala-1 EWT
-- The Sarqala-1 EWT is expected to recommence upon approval from the KRG.
-- Engineering work continues for a workover planned in the first half of
2014 in order to test the ultimate potential deliverability of the Jeribe
reservoir in the Sarqala-1 well. Long lead items have been delivered and
a workover rig is being tendered.
-- The Sarqala-1 workover could increase production capability from 5,000 to
10,000 bbl/d.
-- Preliminary engineering design is advancing on the Sarqala first phase
central processing facility with a 20,000 bbl/d capacity.
-- A dedicated team has been formed by WesternZagros and Gazprom Neft for
the phased development of the Sarqala discovery.
-- Discussions continue with the KRG to advance plans to use natural gas
from the Garmian Block. Gas utilization studies are ongoing and include
the following options: supply of gas via a pipeline for domestic
consumption, gas re-injection to maximize oil recovery, and gas as fuel
for temporary and permanent power generation.
Seismic Acquisition
-- Acquisition of 3D seismic over the northern portion of the Garmian block
commenced on August 6, 2013, in order to better define the areal extent
of the Baram and Qulijan structures. It was completed on September 9,
2013, on time and under budget.
-- Processing of the seismic is anticipated to be completed in Q1 2014. This
data will allow future appraisal wells to be more accurately located to
target reservoir fracturing for higher well deliverability.
-- The analysis of a separate 3D seismic survey over the southern portion of
the Garmian block, including the Sarqala, Mil Qasim and Zardi Complex
structures, is underway with completion anticipated by the end of 2013.
-- WesternZagros expects to benefit enormously from this investment in
seismic data. This data will be used to improve the Company's
understanding of fracturing within the reservoirs in these structures,
and to better define the Jeribe, Oligocene, Eocene and Cretaceous
reservoirs and optimize the number and placement of future development
wells.
-- Processing and interpretation of an additional 2D seismic program over
the Chwar and Alyan structures has been completed.
2014 Potential Exploration Targets
-- Under the Garmian PSC, the exploration period expires on December 31,
2014. Any prospects not drilled, tested and declared commercial by that
date are required to be relinquished and the acreage returned to the
KRG. The Company and its co-venturer, Gazprom Neft, have identified four
potential exploration prospects for exploration drilling in 2014: Qulijan,
Chwar, Qula, and Alyan.
-- The Qulijan and Chwar prospects will be drilled in the first quarter of
2014, which target 86 million and 25 million barrels of gross unrisked
prospective resources (mean estimate) of oil, respectively.
-- The Qulijan prospect has been approved by the co-venturers as the
remaining exploration commitment well and is anticipated to be spudded in
Q1 2014. The well site has been prepared and long lead items ordered.
-- The Company is considering its options with regards to its participation
in the exploration drilling of the other three prospects. Under the Joint
Operating Agreement with Gazprom Neft ("JOA"), a party has the ability to
fully fund an exploration well if the other party elects not to
participate (the "non-consenting party"). The non-consenting party is
able to re-establish its rights in the exploration well, up until a
declaration of commerciality is made, by reimbursing the other party for
its share of the back-costs of the operation plus an agreed upon premium.
-- The Company has decided not to participate in the exploration drilling at
Chwar based upon both the risk/reward profile of Chwar and the Company's
existing financial resources. Gazprom Neft has committed to fund the
entire costs of drilling the Chwar prospect utilizing the terms of the
JOA. The Chwar well is anticipated to spud in Q1 2014 and test the
Jeribe-Dhiban and Mio-Oligocene reservoirs. Well site preparations are
underway and long lead items ordered. The Chwar well will be operated by
(MORE TO FOLLOW) Dow Jones Newswires
November 14, 2013 07:30 ET (12:30 GMT)DN201311140059732013-11-14 12:30:00.00065PTVPHOSI6ASIB3FV8I2UR0RDDJNF
futr
Lots of Drilling Results Expected Before EOY-
http://www.westernzagros.com/wp-content/uploads/2013/10/2013-December-WZR-Corporate-Presentation.pdf
futr
ps made my first buy today...betting on success!
Thanks Wang1. I'm patient... didn't bet the farm on this one.
Moving up more again today... finally moving in the right direction. All five of us on this board should be pleased!
Nice late move today... up 7 cents to .90 so someone is paying attention, even though the volume wasn't great.
Conf call Wed 11/13... see their website for info. 11/6 infor on how the drill tests panned out sounded good!
Anyone know when 3rd Qtr earnings come out? Seems like it should be soon... 2nd Q was Aug. 8th, I think.
Had a hard time finding this ihub board. Should it not be titled WZGRF rather than Western Zagros LTD (TSXV:WZR) ?
GLTA
Aug.2013 Presentation-
http://www.westernzagros.com/wp-content/uploads/2013/08/2013-August-WZR-Corporate-Presentation.pdf
futr
David Dudlyke, Dundee Capital Markets (7/23/13) "WesternZagros Resources Ltd. reported promising log results from Kurdamir-3, with test results expected in August. . .located 5 km southwest and down-dip of the prior well, the Kurdamir-3 well successfully penetrated the Oligocene oil column without encountering the Kurdamir gas cap, thus negating any issues of gas channelling behind casing/liners during testing. . .the Baram-1 well, which is the next key catalyst, is due to spud in August."
David Popowich, Macquarie Capital Markets (7/18/13) "WesternZagros Resources Ltd. announced that the Kurdamir-3 well (40% working interest) has reached total depth and that a cased-hole testing program has commenced. . .initial results from Kurdamir-3 appear positive. . .with operations underway on multiple fronts, the company is entering the busiest period in its history. . .WesternZagros remains one of our top international exploration and production picks."
Dundee Capital Markets (7/15/13) "We take this opportunity to highlight our top picks within our international exploration-and-production coverage universe. . .for funded, high-impact exploration, we include WesternZagros Resources Ltd. . .several private placements, amounting to CA$175M over the past 12 months. . .amply fund the company's exploration and appraisal program into mid/late 2014. The company is thus able to fund additional exploration and/or appraisal drilling beyond the current drilling. . .potential additional exploration targets next year include Qulijan, Chwar, Alyan, Qula or the Zardi complex. The most immediate catalyst is the Kurdamir-3 appraisal well; indeed, testing of the targeted Oligocene reservoir horizon is planned to take place shortly."
David Dudlyke, Dundee Capital Markets (7/2/13) "WesternZagros Resources Ltd. completed the sale of CA$30M 4% convertible senior unsecured notes. . .the company is now well funded into mid/late 2014, and thus able to fund additional exploration and/or appraisal drilling beyond the current drilling program—Kurdamir-3, Hasira-1, Baram-1 and Upper Bakhtiari wells."
David Dudlyke, Dundee Capital Markets (6/19/13) "WesternZagros Rescources Ltd. completed the sale of CA$70M 4% convertible senior unsecured notes. . .these convertible notes arranged with Paulson supplant the Crest loan (US$44.5M balance) and provide more favorable terms. . .given the pace at which WesternZagros and its partners need to explore and appraise prospects ahead of the 2014 exploration deadline (Kurdamir: September 1, Garmian: December 31), this removal of a financial overhang during this exploration period is to be welcomed. . .the company is now funded into mid-2014."
touched 1.50 today.. nice day! Looking forward to a blitz of news by winter. It will be a very merrrrry christmas for WZR holders! Pound the table buy here! Holding 103k shares and growing!
BREAKOUT BABY! STRAP ON THE SEATBELTS! WE ARE SET TO ROCK N ROLL
SHWAB, HAS IT UNDERVALUED AND WILL GO UP, TO WERE IT SHOULD BE, I AM IN AFTER XMAS.MAYBE, TURN INTO ANOTHER AFRICAN OIL CORP .
would somebody wake me at $10
Eagle .....
I need your email address
Wzr
Yes thats forsure with that much oil to come ...
Still very undervalued at this time in my opinion.
The only question that is in my mind... How does the middle east instablitiy affect this company long term??
This is another company that is on sale at bargin prices and should be looked at seriously.
The company is on the right track and has good institutional investor support.
Still holding tight here and might add a little.
This looks very interesting. They are in "BIG OIL" country for sure!
I am in and adding for the long haul. This is a major discovery and has a soild foundation to build upon.
Been watching the progress of this company and it is very close to becoming a mojor player in it's area of operation.
John Paulson owns 15% of this company's stock.
WZGRF Pinks also WZR (TSX)WZR.BE WZR.F
WesternZagros Completes Initial Testing at Sarqala-1 Discovery With Oil Flow of Over 9,000 Barrels Per Day
WesternZagros Increases Prospective Resources to 3.5 Billion BOE's - Marketwire
top ten otc by trades
Symbol Price Pct Chg $ Volume Share Volume # Trades
POTG 0.66 -10.08 4,117,746 6,099,850 1,234
SNOFF 6.0411 +10.24 4,141,435 698,269 804
CDOI 0.0699 +20.52 1,044,486 15,882,286 769
WAMUQ 0.089 -11.44 621,881 6,942,368 515
ICPA 0.088 -51.11 399,884 3,512,752 426
PDOS 0.0603 +15.96 507,817 7,789,713 363
HDUP 0.044 +26.07 250,017 6,006,407 347
DOGO 0.76 +8.57 980,849 1,298,402 309
PCFG 0.069 +9.87 470,290 6,781,923 293
IGXT 0.845 -5.06 693,397 820,648 250
Now that's a gusher.
WesternZagros Increases Prospective Resources to 3.5 Billion BOE'sCALGARY, ALBERTA--(Marketwire - July 20, 2011) -
WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") reports an increase of over 100 per cent in the combined mean estimate of gross unrisked prospective resources on the Company's Kalar-Bawanoor exploration block ("Block K44") to 2,192 million barrels of oil, or 3,570 million barrels of oil equivalent when oil, gas and condensate prospective resources are included (previously these estimates were 1,092 million barrels of oil, or 1771 million barrels of oil equivalent).
This latest independent audit by Sproule International Limited ("Sproule") addressed the multiple reservoirs in additional prospective areas of the Company's block, which are all located on the Garmian contract area to be covered by the amendments negotiated by WesternZagros, the Ministry of Natural Resources of the Kurdistan Regional Government ("KRG")and a wholly-owned subsidiary of Talisman Energy Inc. These amendments are awaiting approval by Oil and Gas Council of the KRG. The audit included prospects identified with Jeribe, Mio-Oligocene, Shiranish and Eocene reservoirs and two Upper Fars plays. These prospects and plays are potential follow on exploration locations for future drilling consideration. The Company continues to assess the potential of other additional prospects and plays and will continue to release audited results as they become available.
"After this fourth in the series of independently audited assessments, we're encouraged by the continuing rise in resource estimates. The recent oil discovery in the Jeribe Formation at the Sarqala-1 well and the potential in the Upper Fars reservoir at the Mil Qasim-1 well supports the prospectivity of these additional prospects and plays," said Simon Hatfield, WesternZagros' Chief Executive Officer.
Work is continuing on the Sarqala Jeribe contingent resource assessment and remaining prospective resource assessment and will be finalized upon receipt of final test fluid, engineering studies and detailed petrophysical analysis. Preparations are currently underway to secure and install the necessary equipment to undertake an extended test of the Sarqala-1 well. This includes establishing a crude storage and loading facility to permit the transfer and sale of produced oil.
WesternZagros has moved the 2,000 horsepower Viking I-10 rig to the Mil Qasim-1 site and is currently completing the necessary rig up and preparations for drilling operations to evaluate the Upper Fars reservoir. The anticipated spud date for Mil Qasim-1 is now early August, with test results expected in the fourth quarter of 2011. Success at the Mil Qasim-1 Upper Fars reservoir, combined with the results of the extended well testing planned for the Sarqala-1 Jeribe reservoir, will assist to determine the optimum location and timing for future exploration and appraisal activities required to unlock the potential of these most recently audited prospects and plays.
Outstanding Share Data
As at March 31, 2011 there were 297,129,672 shares issued and outstanding, including the 89,665,352 common shares issued during the first quarter of 2011 when WesternZagros completed a private placement of shares. The number of common shares reserved for issuance pursuant to options granted will not exceed 10 percent of the issued and outstanding common shares. As at December 31, 2010 there were 207,464,320 shares issued and outstanding. As at June 29, 2011, the total number of shares outstanding was 297,138,872.
Oil Flow of Over 9,000 Barrels Per Day
WesternZagros Completes Initial Testing at Sarqala-1 Discovery With Oil Flow of Over 9,000 Barrels Per Day
Jun. 7, 2011 (Marketwire Canada) --
CALGARY, ALBERTA --
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") has successfully completed the initial testing of the oil discovery made in the Jeribe Formation of the Sarqala-1 well. The Company tested the well at rates up to 9,444 barrels per day of 40 degrees API oil. This rate was reached after flowing and stabilizing the well at progressively bigger choke sizes until reaching the limits of the surface equipment. The final rate was achieved on a 52/64" choke with a wellhead pressure of 2,475 psi. No water was produced during this initial testing program. No stimulation was applied to the well, however, there remains the potential to do so at a later date.
Commenting on the test results, WesternZagros Chief Executive Officer Simon Hatfield said, "With this confirmation of a large oil discovery, our immediate efforts will be directed toward sourcing surface facilities to start producing oil during an extended testing program. We will do this in order to fully evaluate the long term potential of this well and to generate revenue for the Company and for Kurdistan as early as the end of the year."
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WesternZagros Resources Ltd. ("WesternZagros") is an international natural resources company engaged in acquiring properties and exploring for, developing and producing crude oil and natural gas. WesternZagros, holds two Production Sharing Contracts ("PSCs") with the Kurdistan Regional Government in the Kurdistan Region of Iraq.
WesternZagros' primary focus is the development and exploration of its PSC lands. The Company's objective is to be recognized, through consistently superior business performance and operations excellence, as one of the leading independent oil and gas companies active in Iraq.
The Kurdistan Region of Iraq has been both under-explored and under-developed relative to the rest of Iraq and it provides an early stage opportunity on trend with several large fields, including the Kirkuk field.
In executing its strategy, WesternZagros' priority is to recruit and retain local personnel and to actively participate in, and contribute to, community development projects.
The KRG has received an expert independent legal opinion that confirms the KRG's constitutional authority to manage the Kurdistan Region's oil and gas resources.
On October 22, 2007, WesternZagros became a publicly-traded company listed on the TSX Venture Exchange as a result of the approval of a Plan of Arrangement (the "Plan") with Western Oil Sands Inc. ("Western").
In 2003, WesternZagros began examining oil and gas exploration and development opportunities in Iraq with a focus on the Kurdistan region. In November 2004, WesternZagros signed a Memorandum of Understanding ("MOU") with the Kurdistan Regional Government ("KRG") Sulaymaniya Administration in order to conduct an exploration study in an area within southern Kurdistan. In March 2005, WesternZagros also signed an MOU with the federal Ministry of Oil in Baghdad regarding various technical cooperation projects.
With the adoption of the Iraq Constitution in October 2005, WesternZagros proposed and negotiated an EPSA with the KRG on the Kalar-Bawanoor Block in southern Kurdistan. This EPSA was signed in Sulaymaniya on May 4, 2006.
In June 2007, a draft Federal Revenue Sharing Law was approved by the Iraqi cabinet representatives and the KRG. According to this law, the Kurdistan Region will receive 17% of net revenue.
On August 6, 2007, the Kurdistan Parliament approved the Kurdistan Region Oil and Gas Law.
On February 28, 2008, WesternZagros signed a Production Sharing Contract ("PSC") with the KRG for the 2,120 square kilometre (523,863 acres) Kalar-Bawanoor Block which amends the Company's previous EPSA.
Under the terms of this PSC, WesternZagros has a 40% interest and the KRG has a direct 20% interest, carried by WesternZagros. The remaining 40% was allocated to a wholly-owned subsidiary of Talisman Energy Inc. by the KRG on June 23, 2008.
On August 2, 2011, WesternZagros finalized an agreement with the KRG and Talisman to amend the original PSC. The agreement divides the contract area of the Original PSC into two contract areas named Garmian and Kurdamir, each operated under a distinct PSC.
WesternZagros will continue to operate the southern contract area named the Garmian Block that covers approximately 1,780 square kilometres and is now governed under the new Garmian PSC. The Garmian Block contains the Sarqala-1 oil discovery, the Mil Qasim-1 prospect, and the other numerous prospects that contributed to a large increase in prospective resources reported by the Company on July 20, 2011. The northern contract area is named the Kurdamir Block. It covers some 340 square kilometres and contains the Kurdamir-1 oil, gas and condensate discovery and is now governed under an amended version of the Original PSC (the "Kurdamir PSC"). The northern area is now operated by Talisman. WesternZagros's production sharing terms, under both the Garmian and Kurdamir PSCs, remain unchanged from the Original PSC.
WesternZagros' Management and Board of Directors possess extensive experience in the resource sector, both domestic and international, and have a history of value creation.
Chairman
Mr. Fred Dyment has over 30 years of experience in the oil and gas industry. As Executive Chairman, Mr. Dyment provides direction and leadership to management and chairs the Board. He spent the majority of his career at Ranger Oil Limited holding the positions of Controller, Vice President Finance, Chief Financial Office and, finally, Chief Executive Officer. After Ranger Oil was sold to Canadian Natural Resources in 2000, he served as Chief Executive Officer of Maxx Petroleum Company from 2000 to 2001. Mr. Dyment served as Governor of the Canadian Association of Petroleum Producers (CAPP) from 1995 to 1997. He serves on the Board of Directors of Tesco Corporation, ARC Energy Trust and Transglobe Energy Corporation. He holds a Chartered Accountant designation.
Chief Executive Officer
Mr. Simon Hatfield has over 30 years of international and domestic experience in technical, managerial and executive positions with Imperial Oil, Exxon Production Research Company, Petro-Canada, Chauvco Resources, Talisman Energy and Western Oil Sands. Mr. Hatfield has conducted business throughout the Americas, North and West Africa, the Middle East and South East Asia and has extensive experience in Iraq since 1995. Mr. Hatfield initiated the Kurdistan opportunity for WesternZagros and led the technical and business process which successfully concluded the signing and ratification of the Company's Production Sharing Contract. He holds a Bachelor of Science (Honours) degree in Geology with Physics, a Masters of Science degree in Geology and completed the Executive Development Program at the University of Calgary. He is a member of the Association of International Petroleum Negotiators.
Chief Financial Officer
Mr. Greg Stevenson is a Chartered Accountant with over 11 years' experience working with a major accounting firm as well as with large public companies in the oil and gas industry. Prior to joining WesternZagros as Vice President, Finance, Mr. Stevenson was Controller at Western Oil Sands. During his tenure at Western Oil Sands, Mr. Stevenson was part of the senior finance team responsible for budgeting, forecasting and modeling its business activities. Mr. Stevenson was also intimately involved in WesternZagros matters and he will lead the financial and accounting team in supporting the Company's activities.
Vice President, Exploration
Dr. Pinckney has extensive international experience and has spent the majority of his 32 year career with Mobil Oil and ExxonMobil in locations throughout Canada, the United States and Southeast Asia. He was educated in the United Kingdom and holds a PhD degree in Geology and a Bachelor of Science degree (Honours) in Geology. Dr. Pinckney is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta, the Canadian Society of Petroleum Geologists, the American Society, the Indonesian Petroleum Association, the Southesast Asia Petroleum Exploration Society and the Canadian Gas Potential Committee (East Cost Sub-Committee).
Vice President, Kurdistan Business Unit
Mr. McIntosh has over 30 years of international oil and gas experience focusing on development and production engineering, in-country management and business growth in challenging environments. He previously held executive and managerial positions with Petro-Canada Companies in Libya, Algeria and Tunisia, Adams Pearson Associates, Ranger Oil, British National Oil Corporation, and Shell International Petroleum.
General Manager, Petroleum Engineering
Mr. Reeve brings proficiency in production and reservoir engineering, field development design and implementation as well as production operations and project management. Prior to joining WesternZagros, Mr. Reeve held the position of General Manager with Ivanhoe Energy in China. He has over 30 years experience in consulting and staff positions in the engineering and operation of projects in China, Iran, Australia, Indonesia and domestic. He holds a Bachelor of Applied Science, Chemical Engineering from the University of Waterloo.
WesternZagros is one of a number of oil and gas companies/consortia active in the Kurdistan region of Iraq.
WesternZagros holds a two Production Sharing Contracts ("PSCs") in the Kurdistan Region of Iraq which provides for the exploration and development of crude oil and natural gas. The Kurdamir and Garmian Blocks, combined, form one of the largest (2,120 km2/500,000 acres) in the Kurdistan Region of Iraq. The Garmian contract area (1,780 sq km) is operated by WesternZagros, holding a 40% working interest. The Kurdamir contract area (340 sq km) is operated by Talisman. WesternZagros also has a 40% working interest. The KRG holds a 20% working interest in both PSCs.
Iraq has numerous large undeveloped fields and unexplored areas. Out of the 73 oil fields discovered, only 15 are producing. Six of the 73 oil fields are classified as super-giant (over 5 billion barrels), 23 as giant (500 million to 4 billion barrels) and 44 as medium to large (50 to 500 million barrels) or small (less than 50 million barrels).
Iraq has approximately 115 billion barrels (approximately 75 billion barrels undeveloped) of proven oil reserves and 220 billion barrels of proven and probable reserves.
Corporate Presentation (PDF)
November 2011
Morgan Stanley Canadian Energy Conference (PDF)
November 7-9, 2011
Managing Oil and Gas Exploration Risk in the Kurdistan Region of Iraq (PDF)
September 26, 2011
Simon Hatfield, CEO - London Interview (Video)
July 21, 2011
Stifel Nicolaus Energy Conference Presentation (PDF)
June 2011
2011 Annual General Meeting Presentation (PDF)
June 2011
2011 Annual General Meeting Webcast (Audio)
June 2011
Defining Zagros Structural Domains in the Kurdish Region of Northern Iraq (PDF)
Presentation to CSPG Structural Geology Division, Calgary, February 4, 2011
2010 Annual General Meeting Presentation (PDF)
June 1, 2010
2010 Annual General Meeting Webcast (Audio)
June 1, 2010
WesternZagros BTV Feature Report (Video)
December 10, 2009
Conference - June 9, 2009; Denver, Colorado
Poster Presentation (PDF)
Third Quarter Interim Report (PDF)
Second Quarter Interim Report (PDF)
First Quarter Interim Report (PDF)
Annual Report (PDF)
Management's Discussion and Analysis (PDF)
Year-end Financials (PDF)
Annual Information Form (PDF)
Third Quarter Interim Report (PDF)
Second Quarter Interim Report (PDF)
First Quarter Interim Report (PDF
Interview with CEO Simon Hatfield. Mr. Hatfield say the shares are chronically undervalued : http://www.youtube.com/watch?v=jD5iYD5W75c
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