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WZR - Western Zagros Oil (TSXV)

post #1 of 20
Thread Starter 
WZR has been trading around $0.70 to $0.80, loaded with $160 million in cash
or about $0.80 per share cash. They have been drilling a monster oil well in Iraq with Talisman - Talisman paid $50 million for a 40% interest. There is big
expectations for the well and the stock should pop if it succeeds. News on this could come very soon, they have already announced plans to spud the
2nd well.

Middle East is cheap to produce oil, so even at these lower oil prices, a discovery will have big value. Chart is oversold and looks to be moving back up. I took a small position of 1k shares.
post #2 of 20
Thread Starter 
Nice pop today. I guess everyone is hoping for good news that should come very soon...hopefully sooner rather than later as they say. haha
post #3 of 20
Interesting.... TD Waterhouse did a review on it (can't seem to cut & paste from Adobe). They show a SPEC. BUY and suggest $1.50 return for 12 months, that is when the price was 73 cents.
post #4 of 20
I'm in with 6000 shares tucked away in my TFSA @ .77 cents. I too have high hopes for this.
post #5 of 20
Ouch, took a big hit since the latest news. But 5 more wells to go.
post #6 of 20
blowing up 0.84 something is up huge volume
post #7 of 20
May 31, 2010 16:55 ET WesternZagros Successfully and Safely Secures Kurdamir-1 Well
CALGARY, ALBERTA--(Marketwire - May 31, 2010) -


WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") has successfully and safely secured the Kurdamir-1 well, following the loss of well control reported on May 15, 2010. The risk of the damaged drill pipe failing and releasing hydrocarbons or hydrogen sulphide (H2S) at the surface has been eliminated.

Specialists from Boots & Coots International Well Control Inc. together with personnel from WesternZagros and Talisman (Block K44) B.V. carried out this critical well control operation. The next phase is to install a snubbing unit, which is a hydraulic workover rig that enables well intervention to be safely performed while the well is under pressure. The objective is to recover the remaining drill string from the well and complete well kill operations. If these efforts are successful, logging and casing of the section drilled to date can then proceed.

WesternZagros continues to support the local residents who remain evacuated as a precaution. Human safety remains the top priority for operations at Kurdamir-1, and there have been no injuries or hydrocarbon releases from the incident to date.

WesternZagros expects the well control activities to take at least another 15 days. If these efforts continue to be successful and the hole section can be cased, the Company intends to resume drilling and testing the well as originally planned.

The Company is currently pursuing a claim under its insurance coverage for the well control activities. The policy has a total claim limit of $75 million gross. As of May 24, 2010, WesternZagros and its partners had incurred in excess of $25 million gross for well control and sidetracking activity. WesternZagros has now received confirmation of coverage from the lead insurer, as well as approval for the first interim payment of $5.7 million. The Company continues to pursue approvals from the other insurers.

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 (KRG) and Talisman (Block K44) B.V. Further operational updates will be provided as well control and drilling activities progress
post #8 of 20
the upside looks to be accelerated by shorts covering and the very healthy insider buy of 2million shares @ 37 cents (On Friday)

The gap will likely be closed.

Initial target : 60 cents. IMO
post #9 of 20
Big drop for some reason today -25%+
post #10 of 20
This stock has been a big down trend with volatile swings. Their finds have been too gassy and unfortunately that is not what will generate an immediate potential economic return.

I avoided participating in this stock because I always thought there was risk that their blocks could end up to be more gassy since they are adjacent and on trend the condensate fields in the Kurdistan region ie Chemchemal.
post #11 of 20

This and the remaining Kurdistan plays (VST / LFD) are finally awakening. After holding all three of these for years; it is good to see WZR with proven resources and I suspect VST will announce the same shortly. I will have to wait until the fall for LFD but now doubt it will get there. Good luck to all longs.

post #12 of 20


WesternZagros's Kurdamir-2 Well Discovers a Giant Oil Field in the Oligocene Reservoir

CALGARY, ALBERTA--(Marketwire - April 23, 2012) -


WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") is pleased to announce that the mean estimate of gross unrisked contingent resources ("Mean Contingent Resources") has increased to 147 million barrels of recoverable oil (corresponding to 464 million barrels of mean estimated gross discovered oil initially in place) and the mean estimate of gross unrisked prospective resources ("Mean Prospective Resources") has increased to 1.2 billion barrels of recoverable oil (corresponding to 3.6 billion barrels of mean estimated gross undiscovered oil initially in place) for the Oligocene reservoir in the Kurdamir Block. These results follow the major oil discovery at the Kurdamir-2 exploration well in the Kurdistan Region of Iraq. The significant increase in both Mean Contingent and Prospective Resources is due to the fact that Kurdamir-2 encountered a 118 meter light oil column with no indications of a water leg at the Kurdamir-2 location, proving that the oil leg in the Oligocene reservoir on the flank of the Kurdamir structure is involved in a much larger trap than was previously interpreted. The updated resource estimates are confirmed in an independent audit carried out by Sproule International Limited ("Sproule").

"We are delighted with these results as we have found what this company was created to find, and the reason we entered Kurdistan. The Kurdamir structure is proving to be one of the top oil discoveries of the decade and this is a company maker for us," said Simon Hatfield, WesternZagros's Chief Executive Officer. "The oil reservoir of the Kurdamir structure extends further than the area previously assessed and we have not yet found its limits. In addition there is still more news to come on this well as we drill deeper into the Eocene and Cretaceous reservoirs and conduct further testing of the Oligocene oil leg in the coming months."


post #13 of 20

52 week high

post #14 of 20
Going to be looking for an entry here at around 1.17 to 1.22
post #15 of 20

Humm I'm a bag holder...lol,,, was not what i was expecting, anyway damage control tomorrow, horse.gif

post #16 of 20

Likewise.  i bought in yesterday AM at 1.22.  (talk about perfect timing)  I don't think this news will hurt us long term and am trying to pick up some closer to 1.00



WesternZagros Confirms Oil in Low Permeability Cretaceous Reservoir at Kurdamir-2

CALGARY, ALBERTA--(Marketwire - Oct. 12, 2012) -


WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") has completed its testing program in the deepest of the three stacked reservoirs drilled by the Kurdamir-2 exploration well in the Kurdistan Region of Iraq. The testing confirmed an oil discovery in low permeability fractured limestones of the Cretaceous-age, Shiranish Formation, adding to the previously announced major oil discovery in the Oligocene reservoir. The Shiranish reservoir exhibited non-commercial flow rates in this location.

The combined audited unrisked mean estimate for all three reservoirs on the Kurdamir prospect is 1,609 million barrels ("MMbbl") of prospective oil resources as at May 31, 2012, 11 percent of which (181 MMbbls), is attributed to the Cretaceous. The Company now expects this number for the Cretaceous to be revised downward, although it is not expected to materially change the estimate of prospective resources of the whole Kurdamir prospect.

post #17 of 20

wow i was not ready for this NR.. but did ok with it . i loaded the boat at .98 and sold everything at 1.11, so from been down 2g's to going home with a box of Kraft dinner.. need a break now after this...lol,,,,

post #18 of 20

I bought in on the drop and averaged down to 1.12 and held on.  Still holding the bag?  could be.  duh.gif

post #19 of 20

News out for my Nov. pick but the market did not like it.
 I think they are expending so much effort in defining the resource that they forget that the object is getting the resource to market.  Show me the money.


WesternZagros's Kurdamir-3 Well Tests Further Oil; Supports Field Commerciality

WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") has completed testing operations in the Oligocene reservoir of the Kurdamir-3 appraisal well on the Kurdamir oil and gas discovery in the Kurdistan Region of Iraq. Although the testing operations took longer than anticipated due to mechanical difficulties, the results of the third and fourth drill stem tests (DST #3 and DST #4) confirm the presence of light oil, with an oil-water contact at a depth of at least -2,049 metres subsea ("mSS"), which is a minimum of 33 metres deeper than the lowest known oil at -2,016 metres from the Kurdamir-2 well. The results continue to confirm the scale of the Kurdamir oil discovery. Following the testing of Kurdamir-2, the Company's independent resource evaluators confirmed that the Kurdamir Oligocene reservoir holds a mean estimate of 390 million barrels of gross unrisked contingent resources of oil, and an additional 327 million barrels of oil equivalent of gross unrisked contingent resources of gas and condensate. Although the Company has yet to present the latest findings to its independent resource evaluators, internal evaluations support that the most likely outcome will result in no material change to the current contingent resource estimates. 

"Based on the Kurdamir-3 results and the other appraisal activities on the Kurdamir Block to date, we are working towards filing a Declaration of Commerciality for the Kurdamir discovery with the Kurdistan Regional Government ("KRG"). We are planning to file the development plan with the KRG in 2014 upon integration of the well results with the interpretation of the recently-shot 3D seismic program, and the results of an extended well test planned for Kurdamir-2," said Simon Hatfield, Chief Executive Officer of WesternZagros. 

DST #3 and DST #4 both flowed 37 degree API oil at rate of 633 barrels of oil per day ("bbl/d") and 885 bbl/d respectively. The gas-to-oil ratio was approximately 1,000 to 1,100 standard cubic feet per barrel, indicating that the oil leg is likely in connection with the gas cap on the crest of the structure. The total fluid volumes flowed in each test contained approximately 55 percent water. Well log data and fluid composition supports that the water was a contaminant in the tests and was sourced from deeper than the tested intervals via channels in the cement behind well casing. Flow rates were lower than expected due to the lower density of fractures encountered in the Oligocene reservoir at Kurdamir-3 in comparison with Kurdamir 1 and 2.

Expert analysis by a third party has concluded that due to problems with cement bond integrity there was water channeling upwards through the cement in the well bore annulus that connects DST intervals #3 and #4 to the deeper DST #2 interval. DST #2 straddled the oil-water contact and tested both oil and water.  The petrophysical analysis of the DST #3 and DST #4 intervals does not indicate the presence of movable formation water. This further supports that the source of the water in the DST #3 and #4 is from deeper within the DST #2 interval. 

Our Kurdistan appraisal and development plans show enormous promise and with the expected opening of a new export pipeline by 2014, WesternZagros is well positioned to commence development to help fulfill the Kurdistan Region's stated goal of exporting 300,000 barrels of oil in the near term and 1 million barrels by 2015," Hatfield said.

post #20 of 20

Finely sold all my shares yesterday, at 1.10 after a while of flipping to get my avg down below 1.00. will keep on radar I kind of like the chart and we still have a large gap to fill (1.15 to 1.45 )

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