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WesternZagros ready to drill in early 2008 in Iraqi
Kurdistan
15.8.2007
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August 15, 2007
Sulaimaniyah, Kurdistan region (Iraq), --
WesternZagros, the startup that is being carved out
from oilsands developer Western Oil Sands Inc. to
explore for oil in Kurdistan autonomous region
(northern Iraq), will drill its first well in early
2008, Western said in a statement Tuesday.
WesternZagros estimates that its lands, located in
the northern Iraqi 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. |
Kurdistan oil fields |
Financialpost com
Since 1991, the Kurds of Iraq achieved self-rule in
part of the country. Today's teenagers are the first
generation to grow up under Kurdish rule. In the new
Iraqi Constitution, it is referred to as Kurdistan
region. Kurdistan region has all the trappings of an
independent state -- its own constitution, its own
parliament, its own flag, its own army, its own
border patrol, its own national anthem, its own
education system, even its own stamp inked into the
passports of visitors.
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