Corporate Presentation Fueling Our Futures September 2015
Corporate Overview: Investment Highlights Garmian PSC: 40% W.I. + operator Kurdistan Pure Play Kurdamir: 40% W.I. Strong Management Significant experience managing exploration and development stage international oil and Team gas…
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%…
KRG Commits to Providing Oil Revenues to Producers in September The KRGs current oil export agreement with the Government of Iraq has increased KRG exports but has created cash shortfalls for the KRG and many E&P companies. Enables…
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 WesternZagross gross sales were 493,854 bbl of oil in Q2 2015; gross…
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: Gas and Power Infrastructure Overview The KRG has publically committed to gas development prioritizing gas for power generation Kurdistan Regions power generation capacity has grown rapidly with 482MW in 2007: Power…
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 509 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 for…
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…
+348 MMbbls of Mean Prospective Oil Resources on the Garmian Block 69 MMbbls of Mean Prospective Oil Resources in the Jeribe extension(1) + 348 MMbbls of Mean Prospective Oil Resources in the Garmian Block(1) Sarqala-1 Well…
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: High Impact Jeribe / Upper Dhiban Reservoir High-graded areas of natural fractures identified from 3D seismic High quality 3D seismic acquired in 2013 and processed in 2014 Development wells positioned in areas…
Kurdamir PSC: Significant Upside in the Oligocene Contingent Resources(1) Prospective Resources 750 MMboe of oil equivalent 950 MMbbl of Prospective Resources Oil(1) 386 MMbbl of oil 350 MMbbl assessed from -2,081mSS to the base of…
Kurdamir PSC: Significant Upside in the Oligocene Giant oil and gas field holds 1.6 Bn Boe(1) of Prospective Resources and significant production potential Audited estimates of Contingent Resources limited by oil with water…
Kurdamir PSC: Conceptual Phased Development Plan Kurdamir Oligocene conceptual development plan: facilities infrastructure & example development well locations Kurdamir FDP submitted to the KRG by WZR in early 2015 Repsol assumed…
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 3,000 2,855 334 2,592 263 Prospective Resources 2,500 2,386 206 Mean Gross…
Appendix Sarqala-1 Workover Rig 19
Kurdamir PSC: 3D Seismic Predicts Reservoir Porosity High quality 3D Seismic M-1 acquired in 2013 and processed in 2014 Previous wells drilled to date without the benefit of 3D seismic Interpreted 3D seismic used to enhance…
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: 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 Block Operator A Garmian Wes ternZagros B Kurdamir Reps ol C Ain Sifni Hunt D Akre-Bijeel MOL / Kalegran E A l Qush/B aeshiqa/P irmam/B etwata/Qara-Hanjeer/ A rbat East Exxon F Atrus h…
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…
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