Western Zagros Resources (CVE:WZR) announced Wednesday it has more than doubled it prospective resources at its Kalar-Bawanoor exploration block in the Garmian contract area in Iraq.
The company's updated mean estimate for gross unrisked prospective resources is now 2,192 million barrels (MMbbls) of oil, compared to its original estimate of 1,092 MMbbls.
When including oil, gas and condensate, prospective resources are 3,570 MMbbls of oil equivalent, up from Western Zagros' original estimate of 1,771 MMbbls of oil equivalent.
The audit of the company's resources included prospects identified with Jeribe, Mio-Oligocene, Shiranish and Eocene reservoirs and two Upper Fars plays, which Western Zagros said are potential follow-on locations for future drilling programs.
"We're encouraged by the continuing rise in resource estimates," said CEO Simon Hatfield.
"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."
Western Zagros said the Sarqala Jeribe formation on the Kalar-Bawanoor block, which reported test rates up to 9,444 barrels per day of 40 degrees API oil early last month, will see a prospective resource assessment finalized upon receipt of final test fluid.
The Calgary-based oil and gas company also said it is making preparations for drill operations on the Upper Fars reservoirs. It has set the spud date for the Mil Qasim-1 well for early August, with test results expected in the fourth quarter of this year.
Iraq has about 115 billion barrels of proven oil reserves, and 220 billion barrels of proven and probable reserves, according to the company.
Western Zagros, whose stock on the TSX Venture Exchange jumped 10.71% to trade at $0.62 per share as of 3:14 pm EDT, acquires, explores, and develops properties to produce crude oil and natural gas in Iraq.
The company holds a production sharing contract with the Kurdistan Regional Government through its subsidiaries.