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."
