WesternZagros Confirms Oil Column at Kurdamir-1 Well

Source: www.gulfoilandgas.com 12/16/2010, Location: Middle East

WesternZagros Resources Ltd. is pleased to announce successful test results at the Kurdamir-1 well, which proves the existence of an oil column in the Oligocene reservoir. Sproule International Limited. ("Sproule") has completed an independent audit, which confirms a 327 meter combined gas and oil hydrocarbon column in the Oligocene. Consequently, the Company's best estimate of gross contingent gas and condensate resources has increased to 850 billion cubic feet (BCF) and 33 million barrels (MMBBL), respectively, as of December 14, 2010. WesternZagros' best estimate of gross unrisked prospective oil resources has increased to 260 MMBBL as of December 14, 2010 and our best estimate of gross contingent oil resources is 6.5 MMBBL. These resource estimates do not include the Upper Aaliji, Shiranish and Kometan or Cretaceous reservoir intervals penetrated, but not evaluated, during the drilling of Kurdamir-1, where WesternZagros believes there is additional oil potential.

"We are very excited to achieve our primary objective of proving a low sulphur, light oil column in the Oligocene and substantially increasing the prospective oil resources. Our Kurdamir-2 well, which will be drilled next year to test the approximately 700 meters of gross interval with oil shows in the Upper Aaliji, Shiranish and Kometan formations that we were unable to test in this well, will penetrate the Oligocene on the flanks of the structure and will provide further information," said Simon Hatfield, WesternZagros' Chief Executive Officer. "Nothing about this Kurdamir-1 well has been easy, but everything we learn supports our view that there is a huge upside to be realized in this structure."

Contingent resources were assigned over a 327 meter gross pay zone from the crest of the structure at 2,142 meters down to 2,469 meters, which is the lowest known hydrocarbon in the Oligocene reservoir of the Kurdamir-1 wellbore as determined by wireline logs and production testing. These contingent resource numbers do not include any of the potential in the as yet undrilled downdip flanks of the Kurdamir structure in the Tertiary Oligocene reservoir deeper than 2,469 meters.

The recently completed cased hole production testing of the Tertiary Oligocene reservoir in Kurdamir-1 has confirmed that the gas and condensate discovery announced on November 4, 2009 is in a gas cap, which is associated with a deeper oil column.

Because WesternZagros was unable to test any zones below 2,469 metres in Kurdamir-1, the vertical extent of the oil column encountered is uncertain. If the oil column extends below 2,469 metres, WesternZagros' best estimate of gross unrisked prospective oil resources is 260 MMBBL. Additional information, to be obtained by drilling the Kurdamir-2 well, will be required to confirm the existence of these prospective oil resources.

WesternZagros and its co-venturers plan to drill the Kurdamir-2 well in late 2011. The co-venturers are currently conducting the necessary planning and purchases of long lead items to drill this well on the flank of the Oligocene structure to evaluate the extent of the oil column and to extend the well deeper into the Aaliji and Cretaceous formations to test the over 700 metres of hydrocarbon shows encountered in the Kurdamir-1 well.


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