WesternZagros Resources (CVE:WZR) reported on Thursday lab tests confirmed a potential gross oil and gas interval over 1,900 metres at its Kurdamir-1 well in the Kurdistan region of Iraq.
The Calgary-based company’s share closed at 47 cents, Wednesday on Toronto's Venture exchange.
WesternZagros said the results increases the company’s confidence of encountering oil in the Eocene and Cretaceous reservoirs for the Kurdamir-2 well, which would add to the oil found in the Oligocene reservoir.
In a statement, WesternZagros’s CEO Simon Hatfield, said: "This is a further positive step in our evaluation of the potentially large oil intervals of the Kurdamir discovery."
"We are excited by the upcoming opportunity for the Kurdamir-2 well to test the potential for over 580 million barrels of recoverable oil in the Oligocene, Eocene and Cretaceous reservoirs."
The geochemical study was comprised of both total scanning fluorescence and thermal extraction gas chromatography analyses of about 100 drill cutting samples and six oil and condensate samples from the Kurdamir-1 well. Each of these techniques can tell the difference between oil and gas in potential reservoirs.
The Kurdamir-2 well, which rests on the company’s Kurdamir block and is run by Talisman (TSE:TLM), is expected to spud sometime in the fourth-quarter with the aim of targeting the Oligocene, Eocene and Cretaceous reservoirs. The combined audited mean estimate for all three reservoirs is 585 million barrels of prospective oil resources as at January 14, 2011, the company said.
WesternZagros is an international natural resources company engaged in the exploration, development and production crude oil and natural gas in Iraq. It holds two production sharing contracts with the Kurdistan Regional Government, in Iraq.
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