WesternZagros Resources announced today its operating and financial results for the first quarter ended March 31, 2013, and additional key highlights and activities to date.
Commenting on the first quarter results and subsequent events, WesternZagros’s Chief Executive Officer, Simon Hatfield (pictured) said,
“Our twin goals of increasing proven resources and production potential are our main focus and the first quarter provided a solid start to the year. So far in 2013 we have spud an appraisal well on one of our major discoveries and have spud the first well of a planned three-well shallow drilling program, we are preparing to spud two more exploration wells, and we have acquired a significant amount of both 2D and 3D seismic data.
We remain very optimistic that the strength of our business model, the proven expertise of our personnel and the evolved efficiency of our drilling program will help us to achieve significant increases in our proven resource estimates from our aggressive multi-rig drilling program in the remainder of 2013, while also continuing our excellent track record in regards to health, safety, environment and security practices.“
Highlights
Health Safety and Environment (“HSE”)
As at May 21, 2013, WesternZagros achieved a total of over 3.4 million man hours performed safely and 939 days without any Lost Time Incidents.
Resource Estimates
The total combined mean estimate of gross unrisked contingent resources of the Kurdamir structure increased to 545 million barrels of oil in the Oligocene and Eocene reservoirs (audited by independent reserve evaluator, Sproule International Limited).
On the Kurdamir and Garmian Blocks, the total combined mean estimate of gross unrisked contingent resources is now 974 million barrels of oil equivalent and the total mean estimate of gross unrisked prospective resources is now 4.7 billion barrels of oil equivalent.
Iraq Business News
DNO International ASA, the Norwegian oil and gas company, announced today that oil production from the Tawke field in the Kurdistan Region of Iraq has averaged over 100,000 barrels a day during the previous 72 hours as the Company conducts well and pipeline deliverability tests following its 2012 drilling program and facilities upgrades.
“We are very pleased with the performance of the field,” said Bijan Mossavar-Rahmani (pictured), DNO International’s Executive Chairman. “Having met this first deliverability milestone, we continue to reinvest to double Tawke production capacity.”
DNO International holds a 55 percent interest in and operates the Tawke license. Genel Energy plc holds 25 percent and the Kurdistan Regional Government the remaining 20 percent interest.
(Source: DNO)
Iraq Business News
The Iraq Britain Business Council (IBBC) Executive Chairman, Baroness Nicholson has announced the biggest ever trade mission to Iraq.
In a push to boost UK business in Iraq UKTI and the IBBC will take 100 UK companies to Baghdad, Basrah and Erbil in mid-June.
The mission will be led by David Willetts, Minister of Universities and Science and Baroness Winterbourne of the IBBC. Delegates on the mission will meet with senior Iraqi politicians and officials, supported by the British Ambassador, Embassy and UKTI teams.
In a speech at the IBBC’s Mansion House conference, Foreign Office Minister Alistair Burt praised the mission saying that trade between Iraq and Britain has increased by 40% in the last year and is now worth £1 billion annually.
The mission, which is aimed primarily at small to medium sized enterprises will focus on a variety of sectors, with a particular focus on healthcare, higher education, oil and gas, power, construction and infrastructure and the financial and professional services.
(Source: UK FCO)
Iraq Business News
By John Lee.
BP has reportedly allocated $ 2.85 billion to develop the Rumaila oilfield in 2013, up from $ 2.2 billion last year, of which only $ 1.9 billion was used.
Salah Mohammad, head of the joint management committee for the project, also told Reuters that output at Rumaila would rise to 1.450 million bpd by the end of 2013 from around 1.4 million bpd now.
Rumaila, which BP operates with China’s CNPC, has estimated reserves of around 17 billion barrels and produces the bulk of Iraq’s total output of more than 3 million bpd now.
(Source: Reuters)
Iraq Business News
The Iraqi Prime Minister reportedly insisted on Monday that some of the fake bomb detectors Iraq bought are actually functional, despite overwhelming evidence that none of them work.
According to AFP, Nouri al-Maliki told reporters:
“The best device in the world does not detect (explosives) more than 60 percent (of the time)… and results we obtained indicate that these devices detect from 20 to 50 percent … Some of the devices were real and were detecting [explosives].“
He added that security forces are moving more to the use of police dogs because they are better able to detect explosives.
The devices were sold by ATSC, run by James McCormick, who has been sentenced to 10 years in prison in Britain for fraud. They contain nothing that could be used in the detection of explosives.
(Source: AFP)
Iraq Business News
Dubai-based DAMAC Properties has announced a comprehensive strategic plan to expand its operations to Iraq.
The company has begun work on Princess Tower – a 26-storey, luxury furnished apartment complex in the heart of the Iraqi capital, Baghdad.
The US$ 100 million project is the first stage of a long-term commitment to the country, said Ziad El Chaar, Managing Director, DAMAC Properties:
“Iraq is a key market for us and the Princess Tower is a clear sign of our commitment to build luxurious living environments in a country which is seeing strong investment and capital growth.
“Iraqi nationals are looking to own in their own property in Iraq and the population is growing 2.3% according to the World Bank as people return.”
The tower will include three bedroom fully-furnished luxury apartments in addition to a private Health Club & swimming pool, Jacuzzi, steam room, sauna, Gymnasium and state-of-the-art 24-hour security. Once complete in 2016 Princes Tower will be one of the highest residential towers in Baghdad providing much needed exclusive living.
The International Monetary Fund (IMF) forecast that Iraq’s economy would grow around nine percent this year helped by surging oil production, which is expected to gain around 10 percent to 3.3 million barrels a day. The report added the Iraqi economy had gained around eight percent in 2012.
DAMAC Properties has also recently opened up an office in the Karrada district of Baghdad and will soon finish a company headquarters in Mansour.
The company is also working closely with many departments within the Iraqi Government, to start work on a master development in many of the major cities. DAMAC Properties signed a memorandum of understanding (MoU) with the Iraqi Ministry of Housing on the final day of Cityscape 2012 to provide expertise and insight for a number of residential and commercial projects in Baghdad and the surrounding region.
(Source: DAMAC)
Iraq Business News
Dubai-based DAMAC Properties has announced a comprehensive strategic plan to expand its operations to Iraq.
The company has begun work on Princess Tower – a 26-storey, luxury furnished apartment complex in the heart of the Iraqi capital, Baghdad.
The US$ 100 million project is the first stage of a long-term commitment to the country, said Ziad El Chaar, Managing Director, DAMAC Properties:
“Iraq is a key market for us and the Princess Tower is a clear sign of our commitment to build luxurious living environments in a country which is seeing strong investment and capital growth.
“Iraqi nationals are looking to own in their own property in Iraq and the population is growing 2.3% according to the World Bank as people return.”
The tower will include three bedroom fully-furnished luxury apartments in addition to a private Health Club & swimming pool, Jacuzzi, steam room, sauna, Gymnasium and state-of-the-art 24-hour security. Once complete in 2016 Princes Tower will be one of the highest residential towers in Baghdad providing much needed exclusive living.
The International Monetary Fund (IMF) forecast that Iraq’s economy would grow around nine percent this year helped by surging oil production, which is expected to gain around 10 percent to 3.3 million barrels a day. The report added the Iraqi economy had gained around eight percent in 2012.
DAMAC Properties has also recently opened up an office in the Karrada district of Baghdad and will soon finish a company headquarters in Mansour.
The company is also working closely with many departments within the Iraqi Government, to start work on a master development in many of the major cities. DAMAC Properties signed a memorandum of understanding (MoU) with the Iraqi Ministry of Housing on the final day of Cityscape 2012 to provide expertise and insight for a number of residential and commercial projects in Baghdad and the surrounding region.
(Source: DAMAC)
Iraq Business News
By John Lee.
According to property consultancy Colliers, there is a “clear market opportunity” to develop branded hotel projects in Erbil.
Construction Weekly Online reports occupancy rates are increasing, and the construction of a new airport in the city has had a positive effect on the numbers of both business and leisure tourists.
The total number of people using the airport more than doubled from 435,469 in 2010 to 947,600 last year.
Revenues per available room increased from $ 119 in 2010 to $ 179 in 2011 and $ 216 last year, with Colliers forecasting a further increase to $ 233 this year.
The firm’s report states that domestic visitors make up the bulk of the numbers, but added that “international visitation is on the rise given the importance of Erbil as a safe business destination in Iraq”.
Operators such as Hilton and Best Western have already announced plans to open in the city.
(Source: Construction Week Online)
(Picture: Best Western, Erbil)
Iraq Business News
By John Lee.
WesternZagros Resources has announced that it has started its latest Garmian Block drilling program in the Kurdistan Region of Iraq.
The Mil Qasim Upper Bakhtiari-1 well was spudded on May 19, 2013. This is the first of a planned three-well program to test the potential of the shallow Upper Bakhtiari Formation.
With the two deeper Hasira-1 and Baram-1 well included, this is also the first of the Company’s five well Garmian drilling program planned for 2013.
Simon Hatfield (pictured), CEO of WesternZagros commented:
“Spudding this well is a key step in testing the Upper Bakhtiari Formation, a new reservoir which exhibited oil shows when we drilled the Mil Qasim-1 well in 2011/2012. Subsequent review of logs and seismic data identified a relatively shallow, low-cost prospect.
“We are also on track with our higher impact Garmian wells: at Hasira-1 the rig is being assembled for spudding in the next few weeks; and at Baram-1 the site construction is advancing and the rig is being transported for a mid-third quarter spud.
“Also, at Kurdamir-3 we are making good drilling progress. With four active rigs, 2013 promises to be the busiest year in our history to date.“
GARMIAN BLOCK (Operated by WesternZagros)
Upper Bakhtiari Drilling Program
Upper Bakhtiari-1 was spudded on the crest of the Mil Qasim Structure. It is the first of three wells planned to explore the potential of the shallow (500 to 700 metres depth) Upper Bakhtiari Formation in the southern part of the Garmian Block. Testing results are anticipated in the third quarter of 2013.
Iraq Business News
By John Lee.
Foreign Minister, Mr. Hoshyar Zebari, received on 15th of May 2013, the Japanese Ambassador to Iraq Mr. Masato Takaoka.
During the meeting, they discussed bilateral relations between two countries, and the desire of the Iraqi government and the Iraqi Sports audiences to set up the home game between the Iraqi and Japanese team in Baghdad, as part of qualifying for the World Cup football to the finals which be held in Brazil 2014, and the authorities readiness to provide all the supplies needed.
Also they discussed Iraqi – Japanese economic relations and overcome the obstacles that hinder the participation of Japanese companies in the reconstruction of Iraq.
(Source: MoFA)
Iraq Business News
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