Corporate Presentation Fueling Our Futures June 2015
Corporate Overview: Investment Highlights Garmian PSC: 40% W.I. + Operator Kurdistan Pure Play Kurdamir: 40% W.I. + partnered with a leading State Owned Enterprise Strong Management Significant experience managing exploration and…
Corporate Overview: Well Capitalized, Development Stage Company Well funded to advance the development of our oil discoveries at Garmian and Kurdamir Ticker (TSX-V) WZR Shares Outstanding (basic / f.d.)(1)(2) 786.7 / 825.5 million…
Corporate Overview: A Pure Play Kurdistan Independent 40% interest in two high-impact PSCs on trend with the Kirkuk field in Southern Kurdistan Kurdamir Garmian Operator: 40% W.I. Operator: 40% W.I. 40% Working Interest 40%…
Kurdistan Region: Current Events Enables financial implementation of interim oil deal Iraq Governments 2015 KRG to receive 17% budget allocation, less sovereign expenses, and 1 billion of Peshmerga budget approved funding in 2015…
Kurdistan Region: Established Crude Oil Market Kurdistan oil production has access to two diverse markets Domestic Market Market capacity of up to 250,000 bbl/d WesternZagros sold 255,807 barrels of oil in Q1 2015 WesternZagros is…
Kurdistan Region: Developing Gas Market Domestic gas demand is high and the KRG is dedicated to advancing infrastructure Export Market KRG/Turkey : Bilateral Energy Agreement 10 Bcm/a (1 Bcf/d) of gas exports to Turkey by 2020(1)…
Kurdistan Region: Attracting World Class Producers WesternZagross assets are strategically located in the heart of the 39 billion barrel(1) Zagros Fold Belt Province, and in proximity to major, super major and state owned producers…
Kurdistan Region: Attractive Fiscal Terms 494 million of cost recoverable pools available Summary of PSC Terms(1) All PSCs in Kurdistan are governed by the Total Oil Produced same framework, but with significant 100bbl s ranges…
Garmian PSC: Milestone Production Achieved in Q1 2015 WesternZagros achieved a milestone in February 2015, with the Sarqala-1 well contributing first commercial production for the company Producing high quality, light 40 API crude…
Garmian PSC: High Impact Jeribe / Upper Dhiban Reservoir High-graded areas of natural fractures identified from 3D seismic Only vertical wells drilled to date - deviated/horizontal wells present best opportunity for high-rate…
Garmian PSC: Advancing to Commercial Production The Garmian PSC is being developed via a phased plan which coordinates future drilling with facilities expansion to ensure that capital expenditure is managed efficiently(1) Phase 1…
Garmian PSC: Phased Development Plan High-graded areas of natural fractures identified from 3D seismic High quality 3D seismic acquired in 2013 and processed in 2014 Development well locations chosen to maximize drilling…
Kurdamir PSC: Significant Upside in the Oligocene 750 MMboe of Contingent Resources(1) 950 MMbbl of Prospective Resources(1) 350 MMboe assessed from -2,081mSS to the base of the Oligocene at -2,228mSS (Kurdamir-3)(1) 600 MMboe if 3D…
Kurdamir PSC: Significant Upside in the Oligocene Audited estimates of Contingent Resources limited by oil with water produced in K-3 DST 2 Base Contingent Resources down to at least -2049mSS (range -2049 to -2081 mSS) based on K-3 log…
Kurdamir PSC: Phased Development Plan Giant oil and gas field holds significant production potential Significant Prospective Resources upside of 1.6 billion barrels of oil equivalent in multiple reservoirs(1) Talisman acquired…
Garmian + Kurdamir: Mean Gross Resources 3.2 billion block gross mean barrels of oil equivalent of identified upside potential(1)(2) 3,500 3,189 3,250 3,000 2,855 334 2,750 2,592 263 Prospective Resources 2,500 2,386 206…
2015 Capital Program The 2015 capital program is fully funded by 360 million of capital availability 1. Garmian: Advancing Phase 2 of the development program pending approval of the FDP by the KRG 2. Kurdamir: Discussions with Repsol…
Appendix Sarqala-1 Workover Rig 19
Kurdamir PSC: 3D Seismic Predicts Reservoir Porosity High quality 3D Seismic acquired in 2013 and M-1 processed in 2014 Previous wells drilled to date without the benefit of 3D K-2 seismic K-1 K-3 Interpreted 3D seismic used…
Kurdamir PSC: 3D Seismic Predicts Reservoir Fractures 3D seismic volume curvature computations indicate fracture orientations Curvature is a geometric attribute that enhances interpretability of seismic data Major fracture…
Kurdamir PSC: Conceptual Horizontal Development Well First horizontal well to be drilled into the Oligocene Spud date is pending on KRG approval Well location influenced by 3D seismic data acquired in 2013 and processed in 2014…
Kurdamir PSC: Upside Remaining in Deeper Reservoirs Future phases of development for deeper reservoirs Leverage planned facility infrastructure Kurdamir Mean Resources(2) 2,500 Bl ock Gross Resources (million BOE) 2,000…
Garmian PSC: Sarqala 3D Seismic Maximize Drilling Success High quality 3D Seismic acquired in 2013 and processed in 2014 Previous wells drilled to date without the benefit of 3D seismic Highest fracture density indicated by red and…
Kurdistan Region: Industry Participants Bl ock Opera tor A Ga rmi a n Wes ternZa gros B Kurda mi r Reps ol C Ai n Si fni Hunt D Akre-Bi jeel MOL / Ka l egra n E A l Qush/B aeshiqa/P irmam/B etwata/Qara-Hanjeer/ A rbat East Exxon…
Company Overview: Key Historical Milestones EPSA signed with Kurdamir-1 well 40% WI of Garmian drilled Development plans KRG assigned to Gazprom submitted: Garmian in WZR remains operator June 2014, Kurdamir in Aug 2014 2006…
Management Team Simon Hatfield Chief Executive Officer Mr. Simon Hatfield has over 30 years of international and domestic experience in technical, managerial and executive positions with Imperial Oil, Exxon Production Research…
Management Team Bill Jack Vice President and General Manager Kurdistan Mr. Jack has over 35 years as an internationally experienced general manager, the majority of which was with British Petroleum (BP) in the United Kingdom, North…
Board of Directors Fred Dyment Non-Executive Chairman, Member of the Audit and HSE&S Committees Independent businessman. Spent the majority of his 30 year oil and gas career at Ranger Oil Limited, holding the positions of Controller,…
Board of Directors Jim Houck Non-Executive Director, Member of the Governance Committee Chairman, Compensation Committee Independent businessman. From January 2009 to July 2012, President and Chief Executive Officer of The Churchill…
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