Thursday, August 16, 2007
WesternZagros to drill first oil well in Kurdistan in 2008
Oil, Kurdistan
(Financial Times) - WesternZagros, the startup that is being carved out from oil sands developer Western Oil Sands Inc. to explore for oil in Kurdistan autonomous region (Southern Kurdistan), will drill its first well in early 2008, Western said in a statement Tuesday. WesternZagros estimates that its lands, located in the Southern Kurdistani autonomous region of Kurdistan, could contain up to 1.8 billion barrels of oil.
The new company plans to seek a listing on a Canadian stock exchange after it's spun off from Western as a result of the oil sands company's recently announced $6.5-billion sale to Marathon Oil Corp. WesternZagros said it will be capitalized with approximately $134-million, including $82.5-million in cash from Western, $10-million from a private placement of shares to management and directors, $41-million from the exercise of warrants.
Under the sale to Marathon, Western shareholders will receive one share of WesternZagros and one tenth of a warrant to purchase additional common shares. Some of Western's directors and executives will move to similar jobs at the new company. David Boone, Fred Dyment, Randall Oliphant and John Frangos will sit on the board. Jim Houck and David Dyck, Western's current CEO and CFO, will continue in those roles at WesternZagros.
Labels: David Dyck, Jim Houck, Marathon Oil Corp, oil well, southern Kurdistan, Western Oil Sands Inc., WesternZagros
Thursday, May 24, 2007
Round-up of violence across Iraq
Security
(McClatchy Newspapers) - The daily Iraq violence report is compiled by McClatchy Newspapers in Baghdad from police, military and medical reports. This is not a comprehensive list of all violence in Iraq, much of which goes unreported. It’s posted without editing as transmitted to McClatchy’s Washington Bureau.
(Reuters) - Following are security developments in Iraq at 1000 GMT on Thursday:
* denotes new or updated item.
* FALLUJA - A suicide car bomb targeting mourners at a funeral killed at least 27 people and wounded more than 30 others in Falluja, 50 km (35 miles) west of Baghdad, hospital and police officials said.
* BAGHDAD - At least two people were killed and 15 wounded when a roadside bomb exploded near a group of day labourers in Baghdad's Shi'ite Sadr city district, police said.
* SULAIMAN BEK - Six policemen were killed and six wounded when a roadside bomb exploded near their patrol in the town of Sulaiman Bek, 250 km north of Baghdad, police said.
ANBAR - Two U.S. soldiers were killed in combat on Wednesday in Anbar Province, the U.S. military said.
NEAR KIRKUK - Saboteurs set an oil well on fire in a town near Kirkuk in northern Iraq, police said.
* denotes new or updated item.
* FALLUJA - A suicide car bomb targeting mourners at a funeral killed at least 27 people and wounded more than 30 others in Falluja, 50 km (35 miles) west of Baghdad, hospital and police officials said.
* BAGHDAD - At least two people were killed and 15 wounded when a roadside bomb exploded near a group of day labourers in Baghdad's Shi'ite Sadr city district, police said.
* SULAIMAN BEK - Six policemen were killed and six wounded when a roadside bomb exploded near their patrol in the town of Sulaiman Bek, 250 km north of Baghdad, police said.
ANBAR - Two U.S. soldiers were killed in combat on Wednesday in Anbar Province, the U.S. military said.
NEAR KIRKUK - Saboteurs set an oil well on fire in a town near Kirkuk in northern Iraq, police said.
Labels: Al Anbar, Fallujah, Kirkuk, oil well, policemen, roadside bombs, Sadr City, suicide car bomber, Sulaimen Bek
Monday, May 07, 2007
KRG signs oil well contract with Canadian company
Business, Oil, Kurdistan
(Al-Sabaah) - Kurdistan's regional government has signed a contract with Candia Company to dig an oil well in Kerman region, in Sulamina province over the beginning of the next year. In a press statement, the region's government said the delegation of Canadian Western Zargross's Company had made field tours in the Kerman region. The delegation offered a report to the vice-president of the region's government Omar Fatah in which the delegation expressed the company's readiness to start work on the first oil well at the beginning of the next year.
Labels: Candia Company, Kerman region, Kurdistan, oil, oil well, Omar Fatah, Zargross
