WesternZagros quadruples reserves in Kurdistan Region of Iraq

iraqoilWesternZagros' reserves in the Kurdistan Region of Iraq quadrupled to 1bn barrels of oil equivalent, according to a new report

The report was audited by Sproule International Limited, a worldwide petroleum consulting firm.

Simon Hatfield, CEO of WesternZagros, said, “There’s a saying in the oil industry: Big fields get better with time, and Kurdamir is proof of that. The Kurdamir structure has the potential to be the largest light oil field discovered in Kurdistan, with the possibility that it extends on to our neighbouring Garmian Block.”

“We’re therefore highly motivated to drill the Kurdamir-3 well on the Kurdamir Block and the Baram-1 well on the Garmian Block this year to further delineate this giant discovery,” he added.

The mean estimate of gross un-risked prospective resources (mean prospective resources) for the Oligocene, Eocene and Cretaceous reservoirs combined is now 1.2bn barrels of oil on the Kurdamir Block, the firm said. When gas and condensate are included the mean prospective resources, it equals to 1.5bn barrels of oil equivalent.

Based on reservoir data obtained from the Kurdamir testing programme, the company predicts that sustainable production rates of 7,000 to 11,000 barrels of oil per day are possible for individual wells in the Oligocene reservoir.

Talisman (Block K44) BV (Talisman), an operator, is preparing to drill Kurdamir-3 appraisal well in order to continue delineating the field. The anticipated spud date is early February 2013. The company is currently preparing to drill the Baram-1 exploration well on the Garmian Block.

WesternZagros and Talisman each have a 40 per cent working interest in the Kurdamir Block with the Kurdistan Regional Government (KRG) holding the remaining 20 per cent.

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