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Thread: WesternZagros Discovers “Giant Oil Field” at Kurdamir-2

  1. #1
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    Post WesternZagros Discovers “Giant Oil Field” at Kurdamir-2

    WesternZagros Resources has announced that the mean estimate of gross unrisked contingent resources (“Mean Contingent Resources”) has increased to 147 million barrels of recoverable oil (corresponding to 464 million barrels of mean estimated gross discovered oil initially in place) and the mean estimate of gross unrisked prospective resources (“Mean Prospective Resources”) has increased to 1.2 billion barrels of recoverable oil (corresponding to 3.6 billion barrels of mean estimated gross undiscovered oil initially in place) for the Oligocene reservoir in the Kurdamir Block.

    These results follow the major oil discovery at the Kurdamir-2 exploration well in the Kurdistan Region of Iraq. The significant increase in both Mean Contingent and Prospective Resources is due to the fact that Kurdamir-2 encountered a 118 meter light oil column with no indications of a water leg at the Kurdamir-2 location, proving that the oil leg in the Oligocene reservoir on the flank of the Kurdamir structure is involved in a much larger trap than was previously interpreted. The updated resource estimates are confirmed in an independent audit carried out by Sproule International.

    We are delighted with these results as we have found what this company was created to find, and the reason we entered Kurdistan. The Kurdamir structure is proving to be one of the top oil discoveries of the decade and this is a company maker for us,” said Simon Hatfield (pictured), WesternZagros’s Chief Executive Officer.

    The oil reservoir of the Kurdamir structure extends further than the area previously assessed and we have not yet found its limits. In addition there is still more news to come on this well as we drill deeper into the Eocene and Cretaceous reservoirs and conduct further testing of the Oligocene oil leg in the coming months.

    Contingent Resources

    The Company reports an increase of approximately 400 percent of the Mean Contingent Resources in the Oligocene reservoir in the Kurdamir Block to 147 million barrels of oil (“MMbbl”). When gas and condensate are included the Mean Contingent Resources equal 384 million barrels of oil equivalent (“MMBOE”), as shown in Table 1(a) below. For completeness, the corresponding petroleum initially-in-place estimates are also included in Table 1(b) below.

    Prospective Resources

    The Company also reports an increase of approximately 300 percent in the Mean Prospective Resources for the Oligocene reservoir in the Kurdamir Block to 1.2 billion barrels of oil (“Bbbl”), or 1.4 billion barrels of oil equivalent (“billion BOE”) when gas and condensate are included, as shown in Table 1(c) below. For completeness, the corresponding petroleum initially-in-place estimates are also included in Table 1(d) below.



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  2. #2
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    This penny stock is one to keep a eye on...It is bound to explode....Lets go Westernzargos

  3. #3
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    Western Zagros is owned 20% by Adu Dhabi National Energy Company... Check this out.. Follow the money..

    Taqa to Acquire Interest in Kurdish Power Project in Iraq
    Taqa to Acquire Interest in Kurdish Power Project in Iraq
    Bloomberg - [4/8/2012]


    Abu Dhabi National Energy Co. (TAQA) agreed to acquire a 50 percent stake in a 1,000-megawatt independent power project in Iraq’s Kurdish region.

    Mass Global Investments Co. is a partner of the government- run utility, known as Taqa, in the project, according to a statement on the Abu Dhabi bourse’s website. The 750-megawatt gas-fired plant near Sulaymaniyah has been operating since 2009 and an additional 250 megawatts is under construction, the company said.

    Taqa owns stakes in businesses that generate power or produce oil and natural gas in the Middle East, North America, the North Sea and India. Last year, it started two new power plants in the United Arab Emirates, where it is based, and bought a stake in WesternZagros Resources Ltd. (WZR), a Canadian company with operations in the Kurdistan region of Iraq.

    The shares gained as much as 2.3 percent, or 3 fils, to 1.34 dirhams, a level the stock hasn’t reached since March 14, according to data compiled by Bloomberg. Taqa added 2 fils, or 1.5 percent, to 1.33 dirhams at 10:24 a.m. in Abu Dhabi.

  4. #4
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    Buying Taqa would not be a bad idea either...

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