WesternZagros Resources Ltd.

WesternZagros Resources Ltd. is an international natural resources company engaged in acquiring properties and exploring for, developing and producing crude oil and natural gas. WesternZagros holds two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan region of Iraq.

Expert Comments:

Gerry Donnelly, FirstEnergy Capital (12/8/14)
"The recent CA$200M rights issue and US$200M debt facility ensures that WesternZagros Resources Ltd. is fully funded for the immediate work program that will see recommencement of production at Sarqala and first oil at Kurdamir over the coming 12 to 18 months. . .we upgrade our recommendation from Market Perform to Outperform. We continue to assert that as one of the most attractively priced vehicles to play Kurdistan, supported by highly favorable fiscal terms and monetization of light oil, this story is a potential M&A play."

Morning Coffee (5/23/14)
"Perhaps more importantly WesternZagros Resources Inc. announced it formed a Special Committee to evaluate all financing and strategic alternatives available to the company with a view to enhancing shareholder value. WesternZagros has retained a Wall Street banker to act as its financial adviser."

David Dudlyke, Dundee Capital Markets (5/22/14)
"An extended 44-day well test of the lowest Oligocene test interval (DST-6) within WesternZagros Resources Ltd.'s Kurdamir-2 well resulted in aggregate light oil production of 90 Mbbl, significant gas volumes but no formation water. The latter, given the test duration, depth and drawdown, is indicative, in management's view, of an Oligocene oil-water contact materially deeper than the 'lowest known oil' assumption of the current audited gross contingent oil resource estimate of 386 MMbbl."

"WesternZagros Resources Ltd. found oil, vetted it and now has a permit to produce it. That pushes it up into the No. 1, No. 2 draft pick area. However, I warn people not to invest in just one company." read more >

David Popowich, Macquarie Capital Markets (3/14/14)
"WesternZagros Resources Ltd. has placed strategic focus on development of the Kurdamir and Sarqala discoveries. . .its partners are preparing to test the Hasira-1 well after initial results confirmed light oil in the Jeribe reservoir. . .the company is funded for 2014, with the focus now on development. . .we believe significant valuation uplift remains in the conversion of the Kurdamir and Sarqala resources into reserves, as the firm has retained its highest-value acreage."

David Dudlyke, Dundee Capital Markets (3/13/14)
"WesternZagros Resources Ltd. is fully funded to cover the revised 2014 capital budget of $70M. . .development at the company's giant Kurdamir discovery production facilities is already in place, and a workover of the Sarqala-1 well is underway and expected to double well production capacity from 5 Mbbl/d to 10 Mbbl/d. The company and its JV partner Gazprom Neft expect to submit a development plan for the Garmian Block to the Kurdistan regional government by June 2014 and upon approval expect to commence initial production in H2/14. . .we reiterate our Buy recommendation and CA$2.25/share price target."

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