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Research Tree offers WESTERNZAGROS RESOURCES LTD research coverage from 1 professional analysts, and we have 18 reports on our platform.
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Reports 2Q16 Results
12 Aug 16
WesternZagros reported 2Q16 production results of 4,884 (1,953 bbl/d net) from the Sarqala-1 well on the Garmian Block. To date, the well has now produced over 3 mmbbl of light oil with no indications of formation water and no hydrogen sulphide. As previously announced in 2Q16, the Garmian field development plan was approved and the Kurdamir field development plan was submitted. At the present time, there is very little operational activity being undertaken. The Sarqla-2 well is expected to spud in 1H17e.
WESTERNZAGROS RECEIVES FIELD DEVELOPMENT PLAN APPROVAL FOR THE GARMIAN BLOCK, SARQALA DISCOVERY
31 May 16
WesternZagros has received field development plan (FDP) approval for the Garmian Block, Sarqala discovery (40% WI). Approval will enable WesternZagros to proceed with the development drilling of the Sarqala-2 and -3 wells, which also realizing incremental value via the expected reclassification of prospective resources to reserves.
Continues to Work toward Field Development Plan Approval – Stay Tuned
20 May 16
WesternZagros reported 1Q16 results that were inconsequential. As previously announced, production in 1Q16 was significantly curtailed as new payment arrangements were being finalized. The Kurdistan export pipeline also experienced a disruption. At the Garmian Block (Sarqala discovery), WesternZagros continues to wait for field development plan approval. WesternZagros is ready to drill the Sarqala-2 well, post FDP approval. At the Kurdamir Block, WesternZagros and Repsol are progressing negotiations with the Kurdistan Regional Government to advance the field development plan. The co-ventures have completed engineering, are reviewing bids for construction of the natural gas plant, and negotiating a gas sales agreement. Work continues to advance.
RESUMES PRODUCTION FROM THE SARQALA-1 WELL
03 May 16
Market Impact: Positive. WesternZagros has resumed production from the Sarqala-1 well on the Garmian Block (40% WI). We were not anticipating production to resume until late 2Q16e/early 3Q16e. The well is expected to average approximately 5,000 bbl/d (2,000 bbl/d net), which is in line with production levels prior to being temporarily shut-in.
INCREASES DEBT FACILITY FLEXIBILITY
27 Apr 16
Market Impact: Positive. WesternZagros has amended its US$200 mm unsecured and undrawn credit facility. The revised drawdown dates are now expected to more appropriately match capital spending. The Company's current working capital is sufficient to meet the current commitments in 2016e.
Reports Year-End 2015 Results
17 Mar 16
Production in 4Q15 of 1,952 bbl/d and cash flow of negative US$1 mm were slightly below our estimates. Our 2016e production forecast has been reduced, given shut-in volumes in 1Q16e and delays in drilling the Sarqala-2 well. Our 2016e cash flow estimate has decreased to nil, due to our reduced production forecast and realized pricing becoming pegged and fluctuating with Brent. The development plans for the Kurdamir Block and Garmian Block have not yet been approved by the KRG. Field development plan approval would be a major milestone for the Company, and help alleviate some of the current uncertainty.
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