- Published: 07 June 2011
- Written by Editor
WesternZagros Completes Initial Testing at Sarqala-1 Discovery With Oil Flow of Over 9,000 Barrels Per Day
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") has successfully completed the initial testing of the oil discovery made in the Jeribe Formation of the Sarqala-1 well. The Company tested the well at rates up to 9,444 barrels per day of 40 degrees API oil. This rate was reached after flowing and stabilizing the well at progressively bigger choke sizes until reaching the limits of the surface equipment. The final rate was achieved on a 52/64" choke with a wellhead pressure of 2,475 psi. No water was produced during this initial testing program. No stimulation was applied to the well, however, there remains the potential to do so at a later date.
Commenting on the test results, WesternZagros Chief Executive Officer Simon Hatfield said, "With this confirmation of a large oil discovery, our immediate efforts will be directed toward sourcing surface facilities to start producing oil during an extended testing program. We will do this in order to fully evaluate the long term potential of this well and to generate revenue for the Company and for Kurdistan as early as the end of the year."
About WesternZagros Resources Ltd.
WesternZagros is an international natural resources company engaged in acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds a Production Sharing Contract with the Kurdistan Regional Government in the Kurdistan Region of Iraq.
WesternZagros' shares trade in Canada on the TSX Venture Exchange under the symbol "WZR".
This news release contains certain forward-looking information relating, but not limited, to operational information, future production plans and the timing associated therewith. Forward-looking information typically contains statements with words such as "anticipate", "estimate", "expect", "potential", "could", or similar words suggesting future outcomes. The Company cautions readers not to place undue reliance on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by WesternZagros. In addition, the forward-looking information is made as of the date hereof, and the Company assumes no obligation to update or revise such to reflect new events or circumstances, except as required by law. Readers are also cautioned that test rates may not be indicative of ultimate production levels.
Forward-looking information is not based on historical facts but rather on management's current expectations and assumptions regarding, among other things, plans for and results of drilling activity, future capital and other expenditures (including the amount, nature and sources of funding thereof), continued political stability, timely receipt of any necessary government or regulatory approvals, and the timely receipt of any insurance proceeds due to the Company. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those anticipated by WesternZagros including, but not limited to, risks associated with the oil and gas industry (e.g. operational risks in exploration; inherent uncertainties in interpreting geological data; changes in plans with respect to exploration or capital expenditures; interruptions in operations together with any associated insurance proceedings; the uncertainty of estimates and projections in relation to costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and risk associated with international activity. For further information on WesternZagros and the risks associated with its business, please see the Company's Annual Information Form dated April 11, 2011, which is available on SEDAR at www.sedar.com.
SOURCE: WesternZagros Resources Ltd.
WesternZagros Resources Ltd. Greg Stevenson Chief Financial Officer (403) 693-7007 WesternZagros Resources Ltd. Lisa Harriman Manager of Investor Relations (403) 693-7017 This email address is being protected from spambots. You need JavaScript enabled to view it. www.westernzagros.com