WesternZagros Provides Operational Update

Source: www.gulfoilandgas.com 7/18/2013, Location: Middle East

WesternZagros Resources Ltd. (WZR) (WesternZagros) is pleased to provide the following operational update of testing, drilling and seismic operations on the Kurdamir and Garmian Blocks:

- The Baram-1 well, in the northern portion of the Garmian Block, is on-track to spud in August;
- The Hasira-1 well, in the southern portion of the Garmian Block, is currently drilling ahead at 1,860 metres;
- The low-cost drilling program in the Upper Bakhtiari formation was cancelled after sub-commercial flow rates of oil at the first two wells;
- The Kurdamir Block 3D seismic survey is completed and the northern Garmian Block 3D seismic survey is expected to begin in August.

Garmian Block
Baram-1 Well
Assembly of the Baram-1 well drilling rig is underway and on track for the anticipated spud date in the first half of August. The Baram-1 well will explore the potential extension of the oil leg discovered in the Oligocene reservoir of the Kurdamir structure onto the northern portion of the Garmian Block. The Company expects the well to take approximately five months to reach the planned total depth of 3,800 metres.

The Company believes that this is the highest impact well of the 2013 drilling program and has the potential to add gross unrisked mean contingent resources of up to 200 to 300 million barrels of oil equivalent (MMBOE) in the Garmian Block and, if the structure is shown to extend onto the existing Kurdamir discovery, an additional 500 to 600 MMBOEs in the Kurdamir Block.

Hasira-1 Well
The Hasira-1 appraisal and exploration well is currently drilling ahead at 1,860 metres after setting 20 inch casing at 1,014 metres. The next casing point is at 2,050 metres. Setting the third intermediate string of casing is planned for approximately 3,900 metres just above the Jeribe reservoir, before drilling to a planned total depth of approximately 4,100 metres in the Oligocene reservoir. WesternZagros plans to complete the well either in the Jeribe or the Oligocene reservoir depending on drilling and testing results. The Company expects Hasira-1 to take approximately seven months to drill.

Upper Bakhtiari Drilling Program
WesternZagros drilled two of the planned three wells in the Upper Bakhtiari formation. This shallow, inexpensive well program recovered oil and gas at sub-commercial rates and formation water. The wells have consequently been suspended and the rig released. As a result, the third well has been cancelled. The Upper Bakhtiari program was exploring low-cost oil production potential in the South Garmian area, but it was not viewed as a high-potential program to add significantly to the Company's resource estimates.

Garmian 3D seismic surveys
The North Garmian survey encompasses 258 square kilometers on the Garmian Block in order to define more clearly the areal extent of the Oligocene reservoirs. The North Garmian and Kurdamir 3D surveys will be combined to provide contiguous seismic coverage in order to determine whether the Oligocene reservoir is connected as one large structure across the two blocks. The data from this survey will be used to decide on future appraisal and development well locations, and to refine resource assessments.

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