Fueling Our Futures A final prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces of Canada. A copy of the…
WesternZagros: Pure Play Kurdistan Independent Kurdamir Garmian W.I. W.I. 40% 40% 40% 40% KRG 20% KRG 20% W.I. Working Interest 2
Phased Development: Managing Capital and Production Kurdamir Block Gross Mean Contingent Resources of 976 MMBOE, 58% oil (38o to 40o API), low sulphur, low H2S Large, strategically Resources defined by 3D seismic and 3 wells drilled…
Financing Plan: Converting Discoveries into Production Extensive review process undertaken by Special Committee to assess strategic and financing alternatives - two proposals received: Timeline for the Rights Offering 1. Financing…
Kurdamir and Garmian: Resource Table Notes Notes: (1) As at September 1, 2014. (2) As at February 10, 2014 with respect to the Oligocene reservoir and as at February 8, 2013 with respect to the Eocene and Cretaceous reservoirs.…
Kurdamir Phased Development Conceptual Plan Block P50 (Best Estimate) CONTINGENT RESOURCES Gross(1) Working Interest (Gross) Reservoir (MMbbl) (MMbbl) (MMboe) NPV10(2) Development plan submitted Tertiary Oligocene 366 146 288 August…
Kurdamir 3D Seismic Predicts Reservoir Porosity High quality 3D Seismic acquired in 2013 and M-1 processed in 2014 Previous wells drilled to K-2 date without the benefit of 3D seismic K-1 K-3 Interpreted 3D seismic used to…
Kurdamir 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 trend…
Kurdamir-4: First Horizontal Development Well Timing for spud is dependent on KRG approval Well location influenced by 3D seismic data acquired in 2013 and processed in 2014 Horizontal trajectory designed to intersect multiple open…
Significant Upside Remains in the Oligocene 2 3 950 MMbbls of Prospective oil Resources1 in the Oligocene 350 MMbbls of Prospective oil Resources1 assessed from -2081mSS to base Oligocene at -2228mSS in K-3 600 MMbbls of…
Significant Upside Remains in the Oligocene (Contd.) 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…
Future Upside Remaining in Deeper Reservoirs Future phases of development for deeper reservoirs Leverage planned facility infrastructure 1 Kurdamir Mean Resources(3) 2,500 2 1.55B(1) Future Upside(2) Bl ock Gross…
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 yellow areas…
Garmian Development: Future Upside Potential Significant upside potential in prospective resources Multiple reservoir horizons that could be included in future expansions Hasira-1 well awaiting testing of the Oligocene reservoir…
Kurdistan Oil Infrastructure: Sustained Production KRI-Turkey Pipeline Kurdistan Pipeline Exports to Turkey: Current: 170,000 bbl/d KRG YE14 Forecast: 450,000 bbl/d KRG plans to extend oil pipeline to Southern Kurdistan* Exports from…
Development of Kurdistan Gas Markets Kurdistan Advancing Gas Infrastructure and Markets Export Markets KRG/Turkey : Bilateral Energy Agreement 10 bcma of gas exports to Turkey by 2017 Domestic Markets Summail Field gas contract:…
Financial Resources - Pro Forma Combined Financial Resources Pro Forma Max Min (US millions) Proceeds Proceeds Working capital (as at June 30, 2014) 50 50 Anticipated net proceeds of the Offering1 220 176 Debt facility, Tranche 1,…
Capital Program Phased Development Phase 1 capital expenditures fully Use of Proceeds funded to first production 2H 2014 2015 (US millions) Garmian: 15,000 bbl/d EPF end Kurdamir Block: 2014 Phase 1 30 40 Kurdamir: 10,000 bbl/d EPF…
Kurdistan Attracting World Class Oil Players Zagros Fold Belt Province (including Kurdistan) estimated to 6.5% of worlds total undiscovered resources* 39 billion barrels of oil 192 Tcf of gas More than 50 energy companies…
Attractive Fiscal Terms Summary of PSC Terms All PSCs are governed by the same framework, but with significant ranges for Total Oil Produced both cost recovery and capacity building 100bbl s payments which affect the end contractor…
Prospective Acreage: Close to Fully Contracted Bl ock Opera tor A Ga rmi a n Wes ternZa gros B Kurda mi r Ta l i s ma n C Ai n Si fni / K8 Hunt D Akre-Bi jeel MOL / Ka l egra n E A l Qush/B aeshiqa/P irmam/B etwata/Qara-Hanjeer/ 6…
Key Historical Milestones EPSA signed with Kurdamir-1 well KRG drilled 40% WI of Garmian Development plan assigned to submitted on Garmian Gazprom Neft, in June 2014 WZR remains operator 2006 2008 2009 2011 2012 2013 2014…
Evolving Political Environment, Increasing Investment 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1 2 3 4 5 6 7 8 9 10 11 12 13 1 October 2005 8 September 2012 Iraqi constitution adopted 2007 Agreement signed with the KRG…
Caution to the Reader (Contd.) With respect to the reserves and resources data contained herein, the following terms have the meanings indicated: Best estimate, P50 or 2C is considered to be the best estimate of the quantity of resources…
Caution to the Reader, (Contd.) All resource estimates presented are gross volumes for the indicated reservoirs, without any adjustment for the Company's working interest or encumbrances. The effective date of the resource estimate is…
www.westernzagros.com Head Office Hasira-1 Well Aug 2013 600, 440 2nd Avenue S.W. Calgary, Alberta, Canada T2P 5E9 Tel: 1-403-693-7017 Fax: 1-403-233-0174 email : investorrelationswesternzagros.com
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