OTCPK:WSRLF - Post by User
Post by
jmlguyon Dec 15, 2009 11:26am
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Post# 16588426
Today's Cannacord Summary
Today's Cannacord SummaryWesternZagros Resources* (WZR : TSX-V :
.65), Net Change: 0.04, % Change: 6.56%, Volume: 2,186,083
Like a in-depth Christmas card. WesternZagros provided investors with both a drilling and corporate update Monday. Theinternational energy explorer said it has successfully set and cemented 9 5/8" casing at 2,702 metres as planned in the Aaliji seal
at the company's Kurdamir-1 well (a wildcat exploration well, located in the Kurdistan Region of Iraq). Drilling of 8 1/2" hole
has begun towards two additional reservoir targets – the Shiranish and Upper Qamchuqa in the Cretaceous interval.
WesternZagros CEO stated, "We remain optimistic about the prospects for the Kurdamir-1 well given that we discovered the
presence of the Oligocene reservoir and hydrocarbons as we drilled through the Tertiary zone. Our main objective now is to drill
the deeper Cretaceous reservoirs to determine their oil potential." WesternZagros is drilling the Kurdamir-1 well with its coventure
partners, the Kurdistan Regional Government and Talisman Energy (TLM). Company management reiterated thatit anticipates reaching the total target depth of 3,600-4,000 metres during the first quarter of 2010, with gross well costs of $60-
65 million prior to any additional testing.