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WesternZagros finds more oil in northern Iraq
April 23 | Mon Apr 23, 2012 2:36pm BST
(Reuters) - Canada-based oil explorer WesternZagros Resources Ltd said it discovered more oil in the Kurdamir-2 well in the Kurdistan region of northern Iraq, sending the company's shares up 10 percent.
The company raised its estimate for mean contingent resources by 400 percent to 147 million barrels of oil, and for mean prospective resources by about 300 percent to 1.2 billion barrels of recoverable oil at the Kurdamir-2 block's Oligocene reservoir.
Contingent resources refer to potentially recoverable oil from known accumulations that may not yet be viable for commercial development.
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Prospective resources refer to potentially recoverable petroleum from unknown accumulations that a company can drill from an oilfield.
WesternZagros, which along with other junior explorers such as Longford Energy is active in Iraq's Kurdistan region, said the Kurdamir-2 well encountered a 118-meter light oil column with no interference of water.
"The oil reservoir of the Kurdamir structure extends further than the area previously assessed," said Simon Hatfield, WesternZagros's Chief Executive Officer.
WesternZagros and its joint venture partner Talisman Energy Inc hold a 40 percent interest each in the Kurdamir block. The regional government holds the rest of the stake.
Shares of WesternZagros were trading 6 cents higher at 85 Canadian cents on Monday on the Toronto Venture Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Roshni Menon)
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April 23 | Mon Apr 23, 2012 2:36pm BST
(Reuters) - Canada-based oil explorer WesternZagros Resources Ltd said it discovered more oil in the Kurdamir-2 well in the Kurdistan region of northern Iraq, sending the company's shares up 10 percent.
The company raised its estimate for mean contingent resources by 400 percent to 147 million barrels of oil, and for mean prospective resources by about 300 percent to 1.2 billion barrels of recoverable oil at the Kurdamir-2 block's Oligocene reservoir.
Contingent resources refer to potentially recoverable oil from known accumulations that may not yet be viable for commercial development.
FREE GUIDES AND REPORTS FROM DIANOMIADVERTISEMENT
Investing in Asia
4 Key Drivers of the Asian Economy – FREE 12 page magazine
Download Now
Prospective resources refer to potentially recoverable petroleum from unknown accumulations that a company can drill from an oilfield.
WesternZagros, which along with other junior explorers such as Longford Energy is active in Iraq's Kurdistan region, said the Kurdamir-2 well encountered a 118-meter light oil column with no interference of water.
"The oil reservoir of the Kurdamir structure extends further than the area previously assessed," said Simon Hatfield, WesternZagros's Chief Executive Officer.
WesternZagros and its joint venture partner Talisman Energy Inc hold a 40 percent interest each in the Kurdamir block. The regional government holds the rest of the stake.
Shares of WesternZagros were trading 6 cents higher at 85 Canadian cents on Monday on the Toronto Venture Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Roshni Menon)
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