OTCPK:WSRLF - Post by User
Post by
jmlguyon Feb 09, 2010 10:07am
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Post# 16766180
Sounds like a dud. (Canaccord report)
Sounds like a dud. (Canaccord report)WesternZagros Resources* (WZR : TSX-V :
.71), Net Change: 0.11, % Change: 18.33%, Volume: 4,089,168
Weezer's version of the Wildcat offense. WesternZagros provided an update on its Kurdamir-1 wildcat exploration well. The 81/2 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. WesternZagros 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.
(So if it walks like a dud and talks like a dud, it's probably a dud.)