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WesternZagros Confirms Oil in Eocene Reservoir at Kurdamir-2

WesternZagros Resources Ltd. (WZR.V) has successfully completed its testing program in the Eocene reservoir, the second of three target intervals in the Kurdamir-2 exploration well in the Kurdistan Region of Iraq. The testing proved an oil discovery in the naturally fractured limestones of the Eocene Formation. This adds to the previously announced major discovery of oil in the Oligocene reservoir which was the primary target of the well.

The Company does not expect its earlier Eocene mean estimate of gross unrisked prospective oil resources of 278 million barrels to change much from these test results. The base of the perforated Eocene reservoir interval is interpreted to be approximately 220 metres below the seismically mapped four-way structural dip closure of the Kurdamir structure, which suggests that in a similar manner as the Cretaceous and Oligocene, the Eocene is also involved in a larger trap.

WesternZagros's Chief Executive Officer Simon Hatfield said, "Proving a light oil discovery in the Eocene at Kurdamir-2 was our main objective for this test. This test result provides another piece of evidence that Kurdamir and the neighbouring Tophkana structure share a common oil accumulation in the Eocene reservoir. We are now undertaking further work to better understand the reservoir characteristics and the drilling, completion and stimulation techniques that will be required to make the Eocene a viable commercial reservoir in the future."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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