WesternZagros Resources has conducted further analysis of the results from the Kurdamir-2 well and provides a revision of its resource estimates for the Oligocene reservoir in the Kurdamir Block, as well as an update for the adjacent Oligocene reservoir in the Baram prospect on the Garmian Block.
On the Baram prospect, the total mean estimate of gross unrisked prospective resources (“Mean Prospective Resources”) increased by over 300 percent to 423 million barrels of oil (“MMbbl”). When gas and condensate are included the Mean Prospective Resources increased by 90 percent to 496 million barrels of oil equivalent (“MMBOE”).
The Company’s revised estimates are related to its interpretation that the Baram prospect has the potential to contain the extension of the Kurdamir oil leg in the Garmian Block (see Figure 1). The combined Mean Prospective Resources of the Kurdamir structure in the Oligocene, Eocene, and Cretaceous reservoirs and the Baram prospect in the Oligocene and Eocene reservoirs is now 1.7 billion barrels of oil, or over 2 billion barrels of oil equivalent when gas and condensate are included, as summarized in the table below.
All of the revised estimates were audited by independent reserves evaluator, Sproule International Limited, on February 8, 2013.
Simon Hatfield (pictured), WesternZagros’s Chief Executive Officer, commented:
“As we understand the giant Kurdamir Discovery better, we are intrigued by the potential that the Baram prospect is an extension of Kurdamir. As such, we expect Baram-1 to be a high impact well and one of the most attractive opportunities on the Garmian Block. One of the rigs we have secured is currently being prepared in North America for deployment to Baram-1 and we anticipate spudding the well in the third quarter of this year.“
Please click here to see the full report with tables.
(Source: WesternZagros)
Iraq Business News
The Australian dollar strengthened today as retail sale beat analysts’ forecasts and trade balance deficit was smaller than expected. Still, most market participants believe that the Australian central bank will cut its interest rates tomorrow.
Australia’s retail sales grew 0.5 percent on a seasonally adjusted basis in September from August. The rate of growth was above the expectations of 0.4 percent and the August rate of 0.3 percent. The trade balance deficit narrowed from A$ 1.88 billion in August to A$ 1.46 billion in September (seasonally adjusted), while the median forecast was A$ 1.60 billion. Experts predict that the Reserve Bank of Australia will cut its main interest rate by 25 basis points to 3 percent tomorrow.
AUD/USD rose from 1.0337 to 1.0358 as of 13:53 GMT today. EUR/AUD declined from 1.2392 to 1.2344 and its daily low of 1.2331 was the lowest since September 27.
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Earlier News About the Australian Dollar:
Forex News
The Great Britain pound climbed to the highest level in almost two years against the euro today as better-than-expected macroeconomic data from the United Kingdom was a stark contrast to negative fundamentals in Europe. The currency was flat against the Japanese yen and fell against the US dollar.
The UK construction Purchasing Managers’ Index slipped from 56.7 in March to 55.8 in April. Analysts predicted a drop to 54.1. The index is still close to the March 21-month high and well above the neutral level of 50.0, indicating robust growth. At the same time, reports from Europe left little room to optimism, driving investors away from the euro to the relative safety of the pound.
The Bank of England will hold a monetary policy meeting next week and will announce its policy decision on May 10. Most experts say that the central bank may expand its asset purchase program. That does not bode well for the sterling.
EUR/GBP was down from 0.8159 to 0.8118 as of 21:47 GMT today, while the intraday low was the lowest since June 30 2010. GBP/USD slid from 1.6216 to 1.6197. GBP/JPY was near 129.76 after jumping from 129.88 to 130.75.
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