WesternZagros has revised its resources estimates for the Oligocene reservoir in the Kurdamir Block, as well as updated its estimates for the adjacent Oligocene reservoir in the Baram prospect on the Garmian Block.
The total mean estimate of gross un-risked prospective resources for the Baram prospect has been increased by over 300% to 423 million barrels of oil, when gas and condensate are included, the Mean Prospective Resources increased by 90% to 496 million barrels of oil equivalent.
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.
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 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,” said Simon Hatfield, WesternZagros’s chief executive officer.
All of the revised estimates were audited by independent reserves evaluator, Sproule International Limited (“Sproule”), on February 8, 2013.
