RE: News SoonNews is already out.....
for those who are behind the 8-ball:
Feb 08, 2010 07:30 ET
WesternZagros Provides Operational Update
CALGARY, ALBERTA--(Marketwire - Feb. 8, 2010) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") is pleased to provide an update on the progress made at its Kurdamir-1 exploration well. The 8 1/2 inch hole has been successfully drilled to a depth of 4077m and has penetrated the Aaliji Seal and the Shiranish reservoir target and drilled into the Gulneri Seal where a high pressure zone was encountered. Currently, well control operations are underway to counter the high formation pressures encountered at the bottom of the hole.
Numerous oil and gas shows were encountered while drilling through the Aaliji and Shiranish Formations and following successful completion of well control operations, the plan is to run wireline logs in the open hole, install the 7 inch casing and then conduct a cased hole testing program.
The Company has recently received an independent geochemical evaluation of the condensate tested previously from the shallower Oligocene reservoir which indicates that the condensate is from an oil-prone source and is likely to be associated with an oil column deeper in the Kurdamir structure. A follow-up flank well is under consideration and will be decided on following the results of the cased hole testing program.
The Aaliji Seal encountered in the well was thicker than prognosed and, as a result, the Shiranish reservoir target and the Gulneri Seal were deeper than prognosed. Consequently, this has led to a revised depth and pressure prediction for the Qamchuqa reservoir target which is beyond the safety limit of the well and no deeper drilling will take place.
"The analysis of the condensate from the Oligocene reservoir and the oil and gas shows encountered while drilling through the Cretaceous interval make us very optimistic of testing oil from the Shiranish reservoir in this well and from the Oligocene reservoir on the flanks of the structure in a future well," said Simon Hatfield, WesternZagros' Chief Executive Officer.
Kurdamir-1 is a wildcat exploration well, located on the Kalar Bawanoor Block, in the Kurdistan Region of Iraq. WesternZagros is drilling the well with its co-venturers, the Kurdistan Regional Government and Talisman Energy Inc.
For further details on WesternZagros Resources Ltd., please refer to the February 2010 corporate presentation now available on the WesternZagros website: https://www.westernzagros.com/documents/WZR2010CorporatePresentation-Feb2010.pdf.
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 may contain forward-looking information based on assumptions that are subject to a wide range of business risks. WesternZagros' operations are subject to all risks normally incident to the exploration, development and operation of crude oil and natural gas properties and the drilling of crude oil and natural gas wells, including geological risk, encountering unexpected formations or pressures, premature declines of reservoirs, potential environment damage, blow-outs, fires and spills, all of which could result in personal injuries, loss of life and damage to property of WesternZagros and others; environment risks; delay or changes in plans with respect to exploration or development projects or capital expenditures; its joint venture partner's continued participation in the exploration activities under the PSC, the ability to attract key personnel; the risk of commodity price and foreign exchange rate fluctuations.
All of WesternZagros' assets are located in Kurdistan. As such, WesternZagros is subject to political, economic, and other uncertainties of that region as well as risks of loss due to civil strife, acts of war, guerrilla activities and insurrections. WesternZagros' operations may be materially adversely affected by changes in government policies and legislation or social instability and other factors which are not within its control. Risks also include the uncertainty involved in the estimation of undiscovered resources. For further information on WesternZagros and the risks associated with its business, please see WesternZagros' Annual Information Form dated March 26, 2009 which is filed at www.sedar.com and on the Company's web site.
Forward-looking information typically contains statements with words such as "anticipate", "estimate", "expect", "potential", "could", or similar words suggesting future outcomes. We caution readers and prospective investors of the Company's securities 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.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE