WesternZagros contracts two high specification drilling rigs
Tuesday, Jan 15, 2013WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") has awarded a contract for two 2,000 horse-power ("HP") drilling rigs with a leading North American drilling contractor. The two rigs have been contracted to drill the Hasira-1 well, the Baram-1 well and subsequent wells on the Company's Garmian Block in the Kurdistan Region of Iraq. The drilling services contract was awarded for a two year term with an option to extend for an additional two years. The contract also includes a provision for a third 2,000 HP rig if required.
Simon Hatfield, WesternZagros's Chief Executive Officer, commented:
"We are pleased to have reached arrangements to bring two rigs from a new entrant to the Kurdistan Region. This contract supports our objectives in the Garmian Block and will further strengthen and diversify the petroleum service sector in the Region."
Drilling design and site construction are underway for both the Hasira-1 and Baram-1 wells and long lead items have been ordered in anticipation of the spud dates in June and August, 2013, respectively. The Company is also actively assessing future drilling prospects, the selection of which will be influenced by its 3D seismic programs and drilling results on the Garmian Block and neighbouring blocks.
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