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Oil find in Kurdistan
02/06/2011 16:05
Erbil, June 2 (AKnews) - The discovery of oil at a well in Iraqi Kurdistan has caused a spike in the shares of WesternZagros Resources Ltd.
Simon Hatfield, CEO of WesternZagros said: "We're very excited to confirm an oil discovery in the Jeribe Formation. With these encouraging initial results, we will continue the testing to evaluate the full flow capability at the well and its potential for early production."
The flow at Sarqala-1 exploration well, hit a stabilized rate of 6000 barrels per day. It flowed light at 40 API. No water was produced.
Iraq has 115 billion barrels of known oil reserves, but it is believed that this figure will increase with the increased exploration of untapped areas. Kurdistan is seen as one of the most promising prospects.
Disagreements between the Kurdish government and Baghdad about the awarding of oil contracts has led to years of stalled oil exports. Earlier this year the first oil was pumped out of the region and Baghdad stumped up the money promised to companies for exploration.
WesternZagros shares were trading up 23¢, or 32%, at 93¢ on the Toronto Venture Exchange around mid-day. The stock earlier touched a high of C$1.00 and was one of the top volume gainers on the exchange.
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02/06/2011 16:05
Erbil, June 2 (AKnews) - The discovery of oil at a well in Iraqi Kurdistan has caused a spike in the shares of WesternZagros Resources Ltd.
Simon Hatfield, CEO of WesternZagros said: "We're very excited to confirm an oil discovery in the Jeribe Formation. With these encouraging initial results, we will continue the testing to evaluate the full flow capability at the well and its potential for early production."
The flow at Sarqala-1 exploration well, hit a stabilized rate of 6000 barrels per day. It flowed light at 40 API. No water was produced.
Iraq has 115 billion barrels of known oil reserves, but it is believed that this figure will increase with the increased exploration of untapped areas. Kurdistan is seen as one of the most promising prospects.
Disagreements between the Kurdish government and Baghdad about the awarding of oil contracts has led to years of stalled oil exports. Earlier this year the first oil was pumped out of the region and Baghdad stumped up the money promised to companies for exploration.
WesternZagros shares were trading up 23¢, or 32%, at 93¢ on the Toronto Venture Exchange around mid-day. The stock earlier touched a high of C$1.00 and was one of the top volume gainers on the exchange.
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