Corporate Presentation July 2016 Production I Development I Growth I Value
WesternZagros: Pure Play Kurdistan Independent 2
Corporate Overview: Investment Highlights Ticker (TSX-V) WZR Shares Outstanding (basic / fully diluted)(1)(2) 786.7 / 835 million Corporate Cash + Equivalent(1) 43.4 million Available Debt Facility, Undrawn 200.0 million Near…
Our Assets: Large Oil and Gas Discoveries 700+ MMBOE Discovered and 1+ Bbbls of Oil Upside 55 MMbbl 1.8 Tcf 366 MMbbl 1.0 Tcf 1.0 Bbbl 13 MMbbl 66 MMbbl 1. Source: Sproule reserves and resources reports…
Corporate Profile: Top Quartile Profit Oil Allocation Summary of PSC Terms Profit Oil Allocation and Capacity Building Payments Pre-Iraqi Constitution PSC Total Oil Produced 40% 100bbl s Capacity building payment (%) 35% Royalty…
Kurdistan Region: Established Crude Oil Market Regular payments to IOCs based on PSC Terms KRI oil exports established in mid 2014 New export payment mechanism commenced in February 2016 with revenue allocation to Contractors…
Kurdistan Region: Developing Gas Market Domestic and export gas demand is high - KRG is dedicated to advancing infrastructure Field development plans to develop gas and oil submitted for Kurdamir and Topkhana Blocks Potentially, the…
Garmian PSC: Phase 1 Field Development Plan Focused on the development of the Jeribe / Upper Dhiban Reservoir Currently producing 5,000 bbl/d of oil from Sarqala-1 FDP Phase 1 Maintain Sarqala-1 oil production Drill additional two…
Garmian PSC: Phased Field Development Plan Approved Phased development approach allows for clear decision points for capital commitment with which to design a fit for purpose facility Completed Sarqala-1 well producing 5,000 bbl/d…
Garmian PSC: Significant Reserve and Resource Upside Potential 13 MMbbls of oil Reserves(1)(2) and 66 MMbbls of Prospective Oil Resources(1)(3) in the Jeribe reservoir Sarqala-1 Well Reserves (gross)(1) 13.3 MMbbl 26.5 2.0…
Kurdamir PSC: Phase 1 Conceptual Field Development Plan Phase 1 Focused on the development of the Oligocene Reservoir FDP Phase 1 Revised FDP submitted in May 2016 150 MMscf/d gas facility with liquids handling shared equally…
Kurdamir PSC: Phased Field Development Plan Submitted Phased development approach allows for clear decision points for capital commitment Phase 1 Kurdamir-2 Well Workover + 1 Oil Well and 1 Gas Well 75 MMscf/d Gas Handling Facility…
Kurdamir PSC: 1 Billion Barrels of Oil Upside in the Oligocene Resource Estimates(1)(2) Oil Condensate Natural Gas mSS MMbbl MMbbl Tcf CASE 1: -2081 366 55 1.8 CASE 2:(3) -2228 +350 +0.4 CASE 1: Contingent Resources CASE 2:…
Key Investment Messages (1)(3) (1)(3) 55 MMbbl 1.0 Tcf 13 MMbbl 1.8 Tcf 366 MMbbl 1.0 Bbbl 66 MMbbl Maintaining Sarqala-1 oil production at 4,500 5,000 bbl/d, gross Advancing Positioning to exploit major Kurdamir and…
Appendix Sarqala-1 Workover Rig 15
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…
Board of Directors David Boone Non-Executive Chairman, Member of the Compensation Committee and Audit Committee Independent businessman. From September 2008 to July 2013, President and Chief Executive Officer of Barrick Energy Inc., a…
Board of Directors John Frangos Non-Executive Director, Member of the HSE&S Committee Chairman, and Compensation Committee Independent businessman. Most recently, co-founder, as well as Executive Vice President and Chief Operating…
Company Overview: Early Entrant Advantage 7 Years from Entry PSC Signing, 2D Seismic and Two Discoveries 2003/ 2009/ 2005 2006 2007 2008 2004 2010 WOSI starts Signs MOU with EPSA signed WZR spin out Signed PSC for Kalar-…
Company Overview: Two Significant Oil and Gas Discoveries 13 Years of Operations in the KRG 7 Wells, 3D Seismic and Production 2011 2012 2013 2014 2015 2016 PSC divided to 40% Garmian Kurdamir-3 Hasira-1 Oligocene Repsol acquires…
Kurdistan Region of Iraq Hydrocarbon Prospectivity by Zone FOOTHILLS ZONES 1 Zagros Foothills Zone, Ranked 1 of 4* Numerous large to supergiant oil fields with gas caps Stacked oil reservoirs with matrix and 3 fracture porosity…
Kurdamir 3D Seismic Attributes: Reservoir Prediction Major 3D seismic to guide locations of wells for maximum M-1 productivity and reservoir drainage, resulting in need for fewer wells and local capital costs 3D seismic acquired in…
Kurdamir Oligocene Dual Porosity Model Oligocene has characteristics of dual porosity reservoir with fractures feeding wells and matrix feeding fractures Core data indicates low matrix permeability for dynamic flow after corrections…
Sarqala 3D Seismic Attributes Fracture Prediction to Maximize Drilling Success Sarqala-2 and Sarqala-3 wells Positioned in area predicted to have greater density of natural fractures as indicated by red and yellow areas…
Kurdistan Region: Industry Participants Block Operator A Kurdamir Repsol/ WesternZagros - non-operator B Garmian Gazprom Neft/ WesternZagros - non-operator C Qarah Dagh / Sarta Chevron D Tawke / Erbil / Dohuk DNO E Al…
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