WISR Ord Shs V.WZR

RE:where is canadafox?

[canadafox]

u;  Been to London to see and hear WZR.  The K-3 results to date are a great disappointment obviously.  The company and its investors were basically blindsided by the DST #1 ( LKO test ) result at K-3 TD.  This returned light oil and no water and WZR assumed ( as most would have done ) that there was therefore a contiguous oil leg from K-2 TD to K-3 TD and a large increase in hydrocarbon resources was indicated.  As we now know this was not the case.  Where from here?  The first step is to confirm or disprove the existing Sproule estimation for contingent resources on Kurdamir and to optimise K-3 for an oil flow test in the zone above K-2 TD.  DST #3 and #4 will test this zone and we should know by around mid-October.  If this confirms K-2 results and markedly improves on its oil production figures ( 3.5 K bbls/day ) then IMO we are back at the races.  If it does not then there will be another significant fall in SP IMO.  The second is to call in Holmes and Watson on the water result from deep K-3 and this will need time ( months ) and the synthesis of 3D seismic and all K-3 and offset data ( B-1, TK-2 and maybe K-4.... !! ) and a lot of brainpower.  What is clear is that which K-3 should have made clear - the Kurdamir OWC or a deeper LKO - is still very unclear.  Baram-1 on Garmian is now also questionable as it will likely be water wet if it is connected to Kurdamir as it is below the water in K-3.  So, fingers crossed now for it being a separate accumulation.  H-1 and B-1 are proceeding satisfactorily.

TLM put K-2 in the wrong place and hit the gas capand either put K-3 in the wrong place or just got very unlucky.  Whatever, they have been a poor block partner for WZR investors.