Tuesday, 30 October 2012

WesternZagros halts shares as it works to issue well test results of Eocene formation for Kuradmir-2

WesternZagros Resources (CVE:WZR) said it halted its shares Tuesday temporarily as it prepares a news release with results from the recent cased hole testing of the Eocene Reservoir in its Kurdamir-2 well in Iraq. 
The release will provide the "full context" around information about the testing results that was included in quarterly financial results issued today by Talisman Energy (TSE:TLM), the Iraqi-focused oil and gas explorer said. 
Talisman is the operator of the Kurdamir-2 well. The Kurdamir-2 well is the second deep exploration well to be drilled on the Kurdamir structure, in which WesternZagros and Talisman each have a 40 per cent working interest. 
The Kurdistan regional government holds the remaining 20 per cent of the Kurdamir Block. 
The news today by WesternZagros follows its announcement earlier this month, when it said it confirmed initial oil flow from the Eocene testing program. The company reported  that during the post-perforation clean up period of the testing program, an initial low rate flow of 42 to 45 degrees API oil to surface was achieved at the well. 
WesternZagros cautioned, however, that flow rates and the potential for commerciality cannot be confirmed until the test is completed. It added last week that a further update of results will be issued when post-stimulation testing is complete. 
The Eocene reservoir is the secondary target of the multi-stacked reservoirs drilled by the Kurdamir-2 well. 
In early October, WesternZagros said that testing at its Shiranish reservoir confirmed a light oil discovery, adding to the “growing evidence” of a giant shared structure at its Kurdamir prospect in Iraq.
This follows news from earlier this year, when in March, WesternZagros said that its first drill stem test on the Kurdamir-2 well resulted in a major oil discovery in the Oligocene interval. 
WesternZagros is focused on exploring for, developing and producing crude oil and natural gas in Iraq. Through its subsidiaries, it holds a 40 percent working interest in two production sharing contracts with the Kurdistan regional government in the Kurdistan region of Iraq. 

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