Download - WZR Corporate Presentation June 2010
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WesternZagros Resources Ltd.Corporate Presentation
June 2010
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Caution to the ReaderThis presentation contains forward-looking statements with respect to WesternZagros, including but not limited to operational information, future exploration anddevelopment plans and anticipated future production and resources. Forward-looking information typically contains statements with words such as anticipate, estimate,potential, could, or similar words suggesting future outcomes. WesternZagros cautions readers and prospective investors in the Companys securities to not place unduereliance on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and
uncertainties, which could cause actual results to differ materially from those anticipated by WesternZagros. Readers are also cautioned that disclosed test rates andpotential production rates may not be indicative of ultimate production levels.
Forward looking information is based on management's current expectations and assumptions regarding, among other things, plans for and results of drilling activity, futurecapital and other expenditures (including the amount, nature and sources of funding thereof), future economic conditions, future currency and exchange rates, continuedpolitical stability and the Company's continued ability to obtain qualified staff and equipment in a timely and cost efficient manner. In addition, budgets are based uponWesternZagros' current exploration plans and anticipated costs both of which are subject to change based on, among other things, the actual results of drilling activity,unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information arereasonable, they may prove to be incorrect.
WesternZagros operations are subject to all the risks normally incident to the exploration, development and operation of crude oil and natural gas properties and the drillingof crude oil and natural gas wells, including encountering unexpected formations or pressures, premature declines of reservoirs, potential environmental damage, blow-outs,fires and spills, all of which could result in personal injuries, loss of life and damage to property of WesternZagros and others, environmental risks; delays or changes in planswith respect to exploration or development projects or capital expenditures; the ability to attract and retain key personnel; the risk of commodity price and foreign exchangerate fluctuations.
All of WesternZagros assets are located in Kurdistan. As such, WesternZagros is subject to political, economic, and other uncertainties, including, but not limited to, theuncertainty of negotiating with foreign governments, expropriation of property without fair compensation, adverse determinations or rulings by governmental authorities,changes in energy policies or the personnel administering them, nationalization, currency fluctuations and devaluations, disputes between various levels of authorities,arbitrating and enforcing claims against entities that may claim sovereignty, authorities claiming jurisdiction, potential implementation of exchange controls, royalty andgovernment take increases and other risks arising out of foreign governmental sovereignty over the areas in which WesternZagros operations are conducted, as well as risksof loss due to civil strife, acts of war, guerrilla activities and insurrections. WesternZagros operations may be adversely affected by changes in government policies andlegislation or social instability and other factors which are not within the control of WesternZagros including, among other things, adverse legislation in Iraq and/or theKurdistan Region, a change in crude oil or natural gas pricing policy, the risks of war, terrorism, abduction, expropriation, nationalization, renegotiation or nullification of existing concessions and contracts, taxation policies, economic sanctions, the imposition of specific drilling obligations and the development and abandonment of fields.
The ability of WesternZagros to successfully carry out its business plan beyond exploration is primarily dependent on the continued support of its shareholders, the discoveryof economically recoverable reserves, its joint venture partners continued participation in the exploration activities under the PSC, and the ability of the Corporation toobtain financing to develop reserves. WesternZagros cash balance may not be sufficient to fund its ongoing activities at all times and carry the KRGs20 per cent interestunder the PSC. From time to time, WesternZagros may require additional financing in order to carry out its oil and gas acquisition, exploration and development activities.Failure to obtain such financing on a timely basis could cause WesternZagros to forfeit its interest in certain properties, miss certain acquisition opportunities and reduce orterminate its operations. It is possible that future global economic events and conditions may result in further volatility in the financial markets which, in turn, couldnegatively impact WesternZagros ability to access equity or debt markets in the future.
Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors should not place undue reliance on these forward-lookingstatements. For a full discussion of the risk factors, please refer to the Annual InformationForm on the Companys web site.2
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Our Objective
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To be recognized, through consistently superior business performance and operations excellence, as one of the leading junior oil and gas companies active in Iraq.
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WesternZagros Today
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Listed on TSX Venture Exchange: WZR
Shares Outstanding:
Basic: 207.5 million
Fully Diluted: 220.5 million
Market Capitalization: $86.7 million 1
Average Daily Trading Volume (3 month): 1.4 million 1
Working Capital: $53 million 2
Head Office Calgary, Alberta, Canada
Overseas Office Sulaymaniyah, Kurdistan Region of Iraq
1 As of June 17, 20102 As of March 31, 2009
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A Rare Opportunity: Oil Exploration in an OPEC Country
Management and Board have extensive oil and gas experienceand a history of value creationExtensive international experience with the majors and large
independents
High Calibre Team
Strong
Foundation
Early Stage
Opportunity
Large exploration block in the Kurdistan Region of IraqBlock 44: 500,000 acres or 2,120 km 2Attractive Production Sharing Contract (PSC) terms in place
High impact near-term exploration opportunitiesSignificant discovery at Kurdamir-1
Inventory of significant prospects and leads
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Solid Partnerships Strong relationship with all levels of government, includingKurdistan Regional Government (KRG) a PSC partnerExperienced international industry partner (Talisman Energy)
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Operational Milestones
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Operating in Kurdistan since 2005 with no security incidents4 million person hours without a Lost Time Incident
Over 1,500 kilometres of high quality 2-D seismic acquiredOver 20 prospects identified on PSC lands
2008/2009 Safely drilled and suspended Sarqala-1High pressure oil discoveryValuable operational information gained
2009 /2010 Significant discovery made in Tertiary at Kurdamir-1World class Oligocene reservoir confirmedHigh predicted rates of over 50 MMScf/day of gasNumerous deeper oil and gas shows (evaluation pending)
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Early Success at Kurdamir-1
Rig on location
Initial gas and condensate discovery
Excellent Oligocene reservoir confirmed
Upper Aaliji, Shiranish and Kometanhave oil potential
31 API oil sample
Flares while testing 7
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Intermediate Result:Oligocene Gas & Condensate Discovery
Gas caps on crests of structures are a commonoccurrence in the Tertiary reservoirs of theestablished fields in the Kirkuk area.
They are frequently associated with downdip oilcolumns on the flanks of the structure or
deeper oil columns in the Cretaceous (ie: BaiHassan, Kirkuk, Khabbaz and Kor Mor fields).
Kurdamir-1 encountered gas and condensate inOligocene reservoir on crest of structure; 168metres gross pay in good quality reservoir
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Drill stem tests in Oligocene flowed 27.5 mmcf/d of gas and1,172 bbls/d of 61 API natural gas liquidsReservoir production potential of 52 mmcf/d of gas and2,240 bbls/d of condensate from the Tertiary
Analysis of condensate in Oligocene reservoir indicates an oil sourceDeeper drilling encountered numerous oil and gas showsForward plan is to test Oligocene, Upper Aaliji, Shiranish and Kometan intervals
Bai Hassan: 2.2 billion barrels
Discovered: 1953
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Kurdamir-1 Well Control OperationsKurdamir-1 was shut in at 4,077 metreswhen high pressure was encounteredwhile drilling in the Gulneri. A sidetrackwell was subsequently drilled after thedrill string became stuck. The companyis pursuing an insurance claim for thesecosts.
A high-pressure hydrocarbon zone wasthen encountered at 3,214 metres.While attempting to stabilize the well,the drill pipe parted and pushed the drillstring into the rigs derrick.
Emergency response procedures wereactivated due to the presence of sourgas in the exposed and bent drill pipe.No sour gas was released.
The well has since been safely andsuccessfully secured.
As a precaution, the companyevacuated a local village. Theinhabitants have since been able toreturn to their homes.
A snubbing unit is being installed torecover the remaining drill string andcomplete well kill operations.
Confirmation of well control insurancecoverage has been received and a firstpayment of $5.7 million has beenapproved.
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Understanding the Regions Oil & Gas Fields
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Period Age Formation Lithology Seal/Reservoir/Source
Pliocene Upper / Lower Bakhtiari Clastic
Upper Fars Clastic Reservoir
Lower Fars Evaporite Super Seal
Jeribe Carbonate
Euphrates Carbonate
Ol igoce ne Ol igoce ne Ki rkuk Group Carbonate
Pila Spi Carbonate
Jaddala Carbonate/ Shale Seal/Reservoir
Aaliji Carbonate/ Shale Seal/Reservoir/Source
Kolosh Shale/Clastic
Tanjero Clastic
Shiranish Carbonate
LowerCampanian
Kometan Carbonate
Turonian Gulneri Shale Seal
Upper Qamchuqa Carbonate
Lower Qamchuqa Carbonate
Balambo Shale Seal/Source
Upper Barsarin Carbonate Reservoir
Middle Sargelu Carbonate/Shale Reservoir/Source
Alan Carbonate Reservoir
Mus Carbonate Reservoir
Adaiyah Evaporite Seal
Butmah Carbonate Reservoir
J u r a s s
i c
Lower
T e r t i a r y
C r e t a c e o u s
Reservoir
Reservoir
Miocene
Eocene
Paleocene
Maastrichtian/Upper
Campanian
Albian
Reservoir
Qulijan-1
Sarqala-1
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Kurdamir-1, Oligocene Resource Estimates *(as of November 23, 2009)
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A. Contingent Resources above 2,310 metres
B. Prospective Resources Below 2,310 metres if gas & condensate
C. Prospective Resources Below 2,310 metres if oil
IF PROSPECTIVE RESOURCES ARE GAS & CONDENSATE
IF PROSPECTIVE RESOURCES ARE OIL
Tertiary Gross Unrisked Discoveredand Contingent Resources (1,3,10,11)
Estimate Low P90 (6) Best P50 (7) High P10 (8) Mean (9)
Gas Initially-in-Place (4) 635 847 1,098 856
Gas (BCF) 379 523 696 532
Condensate (MMBBL) 13 21 32 22
If Gas/Gas Condensate Tertiary Gross Unrisked Undiscoveredand Prospective Resources (2,3,10,12, 13)
Estimate Low P90 (6) Best P50 (7) High P10 (8) Mean (9)Undiscovered Gas 371 692 1,032 699n a y- n- ace (4)
Gas (BCF) 180 363 609 381
Condensate (MMBBL) 8 15 25 16
If Oil Only Tertiary Gross Unrisked Undiscoveredand Prospective Resources (13)
Estimate Low P90 (6) Best P50 (7) High P10 (8) Mean (9)Undiscovered Oil 164 328 508 333Initially-In-Place (4)Gross UnriskedProspective Resources 32 100 207 112Oil (MMBBL) (2,10,12)
Source: Sproule International Ltd. independent audit, For additional information regarding gross resources (unrisked) including specificreference to the footnotes 1 13, please refer to the Material Change Report filed www.sedar.com on November 26, 2009.** Does not include Aaliji or Shiranish potential (to be evaluated)
(OLIGOCENE ONLY) **
(OLIGOCENE ONLY) **
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Hydrocarbon Habitat of Surrounding Discoveries
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Most of the fields in the chart that show shallow discoveries may have remaining undiscovered potential if drilled deeper.Sources include: 2006 Petroleum Geological Analysis Ltd. (PGA) Report and news releases.TD = Total Depth NP = Not Present * Producing Field
Field/ Kurdamir-1 Kor Mor* Chia Surkh Pulkana Qamar Gilabat Jambur* Kirkuk* Naft Miran Khabbaz* Bai Taq Taq*Reservoir Khaneh West-1 Hassan*TERTIARY
Distance fromPSC (km) 0 1 6 8 15 26 35 60 62 65 90 100 110
Upper Fars oil oil NP
Lower Fars Seal
Jeribe gas/cond. oil oil oil oil/gas oil NP oil
Euphrates gas/cond. oil oil (TD) oil/gas NP
Oligocene gas/cond. gas/cond. NP NP NP oil/gas NP NP oil/gas oil/gas NP
Pilaspi/Jaddala oil oil/gas NP oil
Upper Aaliji TARGET
Aaliji Seal
CRETACEOUS
Shiranish TARGET oil gas oil oil oil oil oil
Hartha TD TD
Kometan TARGET oil oil oil/gas oil
Khasiboil
Mishrif
Gulneri Seal
U. Qamchuqa oil/gas oil/gas TD oil oil/gas oil oil
L. Qamchuqa oil/gas oil oil oil TD
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Kurdamir: The Potential Reward
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The ShiranishFormation is one of WesternZagros target
reservoirs in theCretaceous.
The KurdamirStructure, which isapproximately30 sq kms in size on
the companys Block,can be interpreted as aculmination on a muchlarger structure thatextends off the Block.
The larger structurecould be up to 155 sqkm in size at theShiranish reservoirlevel.
If so, the largerstructure is capable of containing a giant oilfield.
Block K44
Block K39
?
Block K38
Kurdamir-1
30 km 2
155 km 2
5 km
MetresDepth (m)
Depth map of Shiranish Formation Sources: Talisman 2009 Corporate Presentation (Topkhana Prospect) and WesternZagros data base
Extension of structure from Block K44 to Block K39 is conceptual andrequires access to Block K39 seismic data for verification.
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B
2 km
A A B
Composite Seismic Section (SW to NE)Kurdamir-1 and Qulijan-1 Location
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Structural stylesimilar to existinggiant fields in Iraqand Iran
Horizon Legend
Ground Elevation
Upper Fars
Lower Fars Evaporite
Base Fars Detachment
Lower Fars Transition Beds
Oligocene
Aaliji
Shiranish
Razyana
Zhala
Tilako
Shana
Qabri
Qula
Smaqa_S
Khala_S
Hasan_Albian
Alyan_Albian
Zardi
Baran
Alyan
Yarmand
Smaqa_N
Tukin
Wurela
Qula_W
Namiq
Hasan
Chwar
Khala_N
0 6 123 Kilometers
Legend
4-way
3-way
2-way
Sarqala Deep
Mansur
Sarhad
Confidential
Kurdamir-1Current Driller
(Tertiary gas/condensate)
A
A
B
B
Tested gas/condensate& gas shows
Oil shows
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Block 44 Resource Assessment * (as of March 31, 2009)Gross Undiscovered Resources (Unrisked) (1) (4)
Block 44
As of March 31, 2009(millions of barrels)
Category Low EstimateP90
Best EstimateP50
High EstimateP10
MeanEstimate
Undiscovered PetroleumInitially In Place (2)
4,460 6,419 9,129 6,651
Prospective Resources (3) 1,615 2,392 3,462 2,475
(1) These are the gross volumes estimated for the block, without any adjustments for working interest or encumbrances.(2) Undiscovered petroleum initially in place (equivalent to undiscovered resources) is that quantity of petroleum that is estimated, on
a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered petroleum initially in place is referred to as prospective resources, the remainder as unrecoverable .
(3) Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development.
(4) The gross prospective resources estimate is based on a portfolio of over 20 prospects and leads in both the Tertiary and Cretaceousreservoirs. It does not include an estimate of those prospective resources in the reservoir intervals drilled in Sarqala-1.
(5) Additional information obtained from drilling activity or additional seismic data will result in a change to this assessment.(6) Oil only as assessment.
For additional information regarding gross undiscovered resources (unrisked), please refer to the Material Change Report filed
www.sedar.com on May 12, 2009.* Source: Sproule International Ltd. independent audit
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High Level of Industry Activity in Kurdistan
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38 international oil companieswith PSCs in Kurdistan
Drilling Operations 2010 *
* Source: KRG and WesternZagros
Block Operator
Ain Sifni / K8 Hunt
Akre-Bijeel MOL
Al Qush/Barda Rash Komet
Atrush Gen. Expl. Partners
Bazian KNOC
Bina Bawi PetoilChia Surkh Longford
Erbil DNO
Hawler Norbest
K39/K9 Baranan Talisman
Kalar Bawanoor WesternZagros
KorMor Dana Gas
Miran Heritage
Pulkhana ShaMaran
Qarah Dagh Niko
Sangaw North Sterling
SangawSouth & Bazian KNOC
Sarsang Hillwood
Sarta/Rovi Reliance
Shaikan/Sheikh Adi Gulf Keystone
Shorish/Mala Omar OMV
Qulijan-1
Sarqala-1
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Growing Interest in Iraq
Kurdistan under-explored relative tothe rest of Iraq
Quality of services increasing
Security situation has improved
Two oil fields are producing andexport-ready Tawke and Taq Taq
Iraq planning 3 rd Bid Round for threegas fields, September, 2010
Iraq 1st & 2nd Bid Round Awards
Field Consortium
Badrah Gazprom/Petronas/KoGas/TPAO
Gharraf Petronas/Japex
Halfayah CNPC/ Petronas /Total
Majnoon Shell/Petronas
Najmah/Quiyarah Sonangol
Rumaila BP/CNPC
West Qurna Phase I ExxonMobil /Shell
West Qurna Phase II Lukoil/Statoi l
Zubair ENI/Occidental/KoGas
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Political Environment Continues to Evolve
March 2010 Federal elections
Milestone: first fully democratic election
Negotiations between Iraq political parties continuing
May 2010 Iraq approves resumption of oil exports from Kurdistan
May 2010 Federal Petroleum Law and Revenue Sharing Law closer to
resolution
Allocation of management of existing fields and exploration areas
WesternZagros PSC area not within disputed boundary region
WesternZagros expects PSC review at the federal level - possibility of revision
and timing is uncertain
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P d i Sh i C (PSC)
http://www.krg.org/?lngnr=12http://www.krg.org/?lngnr=12http://www.krg.org/?lngnr=12http://www.krg.org/?lngnr=12http://www.krg.org/?lngnr=12 -
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Production Sharing Contract (PSC)- Fair and Balanced Terms
Royalty Oil10% of total crude oil
Operations Oil
Net Available Oil
Cost Recovery Oilup to 45%
of net available oil
Contractor Group KRG
Total Profit Oilsharing based on R-Factor
slide range of 35%/65% to 16%/84%
Total Oil Produced
WesternZagros40%
Talisman40%
KRG
20%
Remaining net available oil
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Carried by WesternZagros. Ultimately to be recovered by WZthrough Kurdistan Regional Governments share of Cost Recovery Oil
Oil case: When the R-Factor (revenue/cost) is below one, the Contractor Group is entitled to 35% of the Profit Oil. The Contrac tor Groupspercentage is then reduced on a linear scale to a minimum of 16% as the ratio is 2 or greater. Gas Case: When the R- Factor is below one, the Contractor Group is entitled to 40% of the Profit Gas. The Contractor Groups per centage is then
reduced on a linear scale to a minimum of 20% as the ratio is 2.75 or greater. Cost recovery gas: up to 55% of net available gas.
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Excellent Progress in Meeting PSC Commitments
First Exploration Sub-Period(ends December 31, 2010) *
Second Exploration Sub-Period
3 exploration wells
1 exploration well (Sarqala-1) completed2nd exploration well (Kurdamir-1) underway
2 exploration wells
1,150 km of seismic
acquired 1,547 km of seismic to date(additional 397 km of seismic acquired will becredited towards obligation for secondexploration sub-period)
575 km of seismic
Minimum $75 millioncommitment exceeded
Minimum $35 million
At the end of the second exploration sub-period, requirement to relinquish 25% of the net area withinthe PSC lands or the entire contract area (other than any discovery or development areas).
* To be extended under Force Majeure claim.21
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Financial Position (As at March 31, 2010, US$ millions)
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The anticipated costs of Kurdamir-1 include well control
operations, but exclude anycosts for continuing to sidetrackbeyond 3,214m and futurecased-hole testing activities.
Due to the nature of oil and gasexploration, budgets areregularly reviewed and aresubject to change. Uponsuccessful completion of wellcontrol activities at Kurdamir-1,WesternZagros will update the2010 budget to include futureactivities at Kurdamir-1 and atthe third exploration
commitment well.
Working Capital PositionWithoutInsurance
WithInsurance
Cash $55.1 $55.1
Non-Cash Working Capital (1.9) (1.9)
Insurance Claim - 10.0Working Capital $53.2 $63.2
Remaining 2010Capital and Operating Budget
WithoutInsurance
WithInsurance
Kurdamir-1 $11 $ -
Advance Planning of Third Well 6 6Geoscience and Field Office 4 4
G&A and Business Development 4 4Total $25 $14
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Financial Impact of Kurdamir-1 Well Control
As of May 28, 2010 Gross NetEstimated Kurdamir-1 Costs
Total expenditure $88 to $90 M $53 to $54 M
Well control and sidetrack expenses only $33 to $35 M $20 to $21 M
Insurance Policy and Estimated Claim
Insurance policy limit $75 M $45 M
Insurance claim (net of $1 million
deductible)
$32 to $34 M $19 to $20 M
The total gross expenditures for Kurdamir-1 excludes further costs for both sidetracking beyond3,214 metres or cased hole testing. Any further sidetracking expenditures will increase both thetotal expenditure and the amount claimed under the insurance policy.The insurance syndicate has now approved the insurance claim.
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Operational Priorities
Complete well control activities at Kurdamir-1
Prepare to drill third exploration commitment well Qulijan-1 (formerly Sarhad)
Resume drilling at Kurdamir-1
Evaluate Kurdamir-1 gas and condensate discoveries
Evaluate exploring the flanks of the Kurdamir
structure
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WesternZagros: Positioned for Success
Large exploration area in an active region
Multiple prospects with multiple reservoir targetsHydrocarbons already discovered
Strong technical team with extensive experience
Experienced international industry partner
Financed to meetkey commitments
Excellent opportunityto create substantialshareholder value
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Block K44
Block K39
?
Block K38
Kurdamir-1
30 km 2
155 km 2
5 km
MetresDepth (m)
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www.westernzagros.com
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Experienced Management & Strong Technical Team
Simon Hatfield , CEOProven track record of success with over 30 years of international and domestic oil and gas experience in technical,managerial and executive positions with Western Oil Sands, Imperial Oil, Exxon Production Research Co., PetroCanada, Chauvco
Resources and Talisman. Extensive experience in Iraq since 1995.Rob Theriault , Senior Vice President Engineering and OperationsOver 30 years of international and domestic experience in upstream and midstream oil & gas operations for companies includingCairn India Ltd., Husky Oil, CSR Petroleum, Suncor. Previous roles include senior management responsibilities for exploration,production and development .
Greg Stevenson , CFOPreviously Controller of Western Oil Sands. Chartered Accountant with over 13 years of experience working with a major accountingfirm as well as with large public companies in the oil and gas industry. Responsible for leading the financial and accounting team.
George Pinckney , Vice President, ExplorationMajority of 34 year career spent with Mobil Oil and ExxonMobil in locations throughout Canada, USA and Southeast Asia,demonstrating extensive international experience. Responsible for all geotechnical work in Iraq including successful completion of Kurdistan study area evaluation; integral role in negotiating Kurdistan PSC area.
Ian McIntosh , Vice President, Kurdistan Business Unit Over 30 years of international oil and gas experience focusing on development and production engineering, in-country managementand business growth in challenging environments. Previously held executive and managerial positions with Petro -Canada Companiesin Libya, Algeria and Tunisia, Adams Pearson Associates, Ranger Oil, British National Oil Corporation, and Shell International
Petroleum.
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Experienced Management & Strong Technical Team
Dean Molaro , General Manager Finance and Administration, KurdistanHolds over 20 years experience in operations, finance and accounting roles in international and domestic settings and is based inKurdistan, Iraq.
Ian Ross, General Manager, Operations30 years experience in petroleum engineering and operations including drilling, well testing and completions, early productionsystems, reservoir engineering, production operations, field development projects in India, Iran, Libya, the Netherlands and theUnited Kingdom.
Dave Reeve, General Manager, Petroleum EngineeringOver 30 years experience in consulting and staff position in the engineering and operation of projects in China, Iran, Australia,Indonesia and domestic. Proficient in production and reservoir engineering, field development design and implementation as well asproduction operations and project management.
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Board of Directors Extensive Experience
David BooneBroad Canadian and international energy experience in the upstream industry with positions including President, Offshore andInternational Operations for EnCana Corporation; Executive Vice-President and Chief Operating Officer of PanCanadian Energy
President of Barrick Energy Inc.Holds a Civil Engineering degree from Queen's University
Fred Dyment (Chairman)Over 30 years of expertise includes positions as President and CEO for Maxx Petroleum and President and CEO of Ranger OilLimited, in addition to serving as Governor of the Canadian Association of Petroleum Producers (CAPP) from 1995 to 1997Serves on the Board of Directors of Tesco Corporation, ARC Energy Trust and TransGlobe Energy CorporationHolds a Chartered Accountant designation
John FrangosCo-founder of Western Oil Sands, served as Westerns Executive Vice President and COOPlayed key role in negotiations with the Kurdistan Regional GovernmentPrior to forming Western, employed with BHP and predecessor corporations for 28 years and was Vice-President, InternationalBusiness Development for BHPs Minerals Business UnitHolds a Diploma in Mechanical and Electrical Engineering, an Associate Diploma in Mechanical Engineering and a Masters of Business Administration degree
Simon HatfieldProven track record of success with over 30 years of international and domestic oil and gas experience in technical, managerialand executive positions with Imperial Oil, Exxon Production Research Co., Petro-Canada, Chauvco Resources and TalismanHolds a Bachelor of Science (Honours) degree in Geology with Physics, a Masters of Science degree in Geology and completedthe Executive Development Program at the University of CalgaryExtensive experience in Iraq since 1995 and initiated Kurdistan opportunity and successfully concluded the signing andratification of PSC
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Board of Directors Extensive Experience
Jim HouckProven track record of success with ChevronTexaco Inc., as President of Texaco Development Corporation from 1996 to
2001 and President of Worldwide Power and Gasification Inc. from 1998 2003, in addition to senior level positions inglobal gas and power, business development, production operations, research and development and strategic planningPreviously a Principal of FrontStreet Partners, a U.S-based, privately-held investment firm
Holds a Bachelors degree in Engineering Science from Trinity University in San Antonio and a Master of BusinessAdministration degree from the University of Houston
Randall OliphantChairman and Chief Executive Officer (CEO) of Rockcliff Group Limited, a private investment corporation; President andCEO of Barrick Gold Corporation from 1999 - 2003, prior to holding senior financial positions with the firm from 1987-
1999Currently serves on the Advisory Board of Metalmark Capital LLC (formerly Morgan Stanley Capital Partners) and serveson the Boards of a number of private companies and not-for-profit organizationsHolds a Bachelor of Commerce Degree and is a Chartered Accountant
William WallaceOver 40 years industry experience including positions as Vice-Chairman, President and COO of Barrett Resources,Regional Vice President and Vice President, Exploration with Texaco and Group Vice President of CSX Oil and GasCompany
Lived and worked abroad for 16 years. Supervised international operations in Colombia, Ecuador, Venezuela, UnitedKingdom, Ireland, France, New Zealand, Australia and Pakistan
Earned a Geology degree from Middlebury College and a M.Sc. in Geology from Stanford University