RE: What price? Prairie Sheik??? Do some research!!
At this point in time WZR has 4.9 billion in audited mean resources. This does not include the Cretaceous evaluation in K2 which will most likely come out in late September.
Sarqala 1 tested 9000 bbl/day. S1has produced close to 1 million bbls of production with minimal reservoir depletion. S1 will most likely be produced at 5000-8000 bbl/day on the next production contract. S1 is producing from a 100m side track from the original well bore. S1 has a short leg, small hole size, skin damage,small production tubulars and reduced flow than the subsequent Sarqala 2 and Hasira 1 wells will have if drilling problems are not encountered in the Q1 2013 drilling of these wells. This being said S1 and H1 should be capable of 15,000 bbl/day. These wells are only a few km apart and within the existing mapping of the Jeribi reservoir. (basically infield drilling) No Brainer!!
H1 also will test the Oligocene which has excellent potential.
Mil Qasim has great potential but needs to be Frac'ed, no frac equipment in Kurdistan but coming in the near future.
Upper Bakhtiari looks excellent on the logs, test wells to be drilled in Q3-Q4 will establish their potential. These are shallow drills at a much lower drilling cost and much easier to drill.
Kurdamir- K2 has drilled through 3 potential reservoirs. The Oligocene, Eocene and Cretaceous
The Oligocene showed on logs 140 m of pay 22m of gas bearing and 118m of oil bearing. After drilling through 55m of the Oligocene pay zone a drill stem test was performed with production rates of 1000 bbl oil/condensate and 7 million scf/day gas. Gas restricted the fluid flow due to the test being performed at the gas/oil contact point. Production analysts predict a 4000 bbl/day flow rate of the 33m of oil pay upon isolation of the gas flow. Add the remaining 85m of oil bearing pay zone and there is the potential for another 10,000-11,000 bbl/day out of the Oligocene. this equates to approximately 16,000bbl/day potential.
The Eocene was the next zone drilled through, log data has not been released but mud gas, oil shows on cuttings, and fractures were present in 275m of the Eocene reservoir drilled through. The potential is anyones guess until the present testing is complete.
The Cretaceous was the final zone drilled, it also showed mud gas, oil wet cuttings and fractures in 510m of hydrocarbon bearing zone. Log results and reserve potential have not been released but testing is on going. Even if the bottom 2 zones prove to be marginal ( 4000-5000bbl/day) there is still the potential for K2 to have a combine reserve flow rate between 23,000-27,000 bbl/day of oil.
Geology also feels the Oligocene reaches off the Kurdamir block and onto the Garman block. This brings into play the Quilijan and Baran prospects. Quilijan has a location prepared and a prospect location on Baran will most likely be selected following the 3D seismic program.
Add it all up and there is the potential for 50-60,000bbls/day production by Q3 2013. WZR has the money, the production sales and partners willing to expedite the drilling process.
WZR is grossly under valued
So Prairie Shiek your numbers are out to lunch.
Big Oil always finds its way to market!!!