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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (9184)	10/16/2014 10:40:21 AM
From: Goose94	Read Replies (1) \| Respond to of 203026

WesternZagros Resources (WZR-V) Oct 16, '14 has successfully completed the workover of the Sarqala-1 well in the Garmian block in the Kurdistan region of Iraq. The purpose of the workover was to install larger tubing to replace the subsurface safety valve and increase the flow capacity of the well. The company tested the well at rates of up to 11,500 barrels per day (bbl/d) of 40-degree API oil from the Jeribe/Upper Dhiban reservoir. "Our expectations were that the workover would result in an increased production capacity in the range of 8,000 to 10,000 bbl/d, so we are pleased with this strong test result, which was accomplished without any stimulation of the reservoir," said Simon Hatfield, WesternZagros's chief executive officer. The Sarqala-1 well previously produced over one million barrels of light oil at an average flow rate of 5,000 bbl/d of oil during an extended well test in 2011 and 2012. The new flow rate of 11,500 bbl/d was reached after two days of flowing and stabilizing the well at progressively bigger choke sizes prior to the final flow. The final flow rate was achieved on a one-inch choke with a wellhead pressure of 2,155 pounds per square inch. No stimulation was applied to the reservoir; however, it remains an option to do so at a later date. As during the previous extended well test, this current test produced no hydrogen sulphide gas or formation water. Following the completion of this postworkover test at Sarqala-1, the company plans to move the workover rig to the Hasira-1 well to commence the testing of the light oil discovery in the Mio-Oligocene reservoir, anticipated to commence in early November. 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 Email: investorrelations@westernzagros.com WesternZagros Website: www.westernzagros.com Smithfield Group John Kiely +44 (0) 20 7360 4900 jkiely@smithfieldgroup.com Smithfield Group Brett Jacobs +44 (0) 20 7360 4900 bjacobs@smithfieldgroup.com