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Nasrollahzadeh M.,University of Qom | Mohammad Sajadi S.,Kurdistan Regional Government
Journal of Colloid and Interface Science | Year: 2016

For the first time the extract of the plant of Euphorbia granulate was used to green synthesis of Pd nanoparticles (NPs) as a heterogeneous catalyst for the phosphine-free Suzuki-Miyaura coupling reaction at room temperature. This method is a facile and eco-friendly way in organic synthesis using the plant extract as biomedia, bioreductant and capping ligand which considerably stabilizes the surface of Pd NPs. The presence of flavonoid and phenolics acids in the extract could be responsible for the reduction of Pd2+ ions and formation of the corresponding Pd NPs. © 2015 Elsevier Inc..


News Article | November 8, 2016
Site: globenewswire.com

November 8, 2016 - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSX VENTURE: SNM) (NASDAQ OMX: SNM) is pleased to announce that TAQA Atrush B.V. (“TAQA”), as operator of the Atrush Block Production Sharing Contract (“PSC”), has entered into an Engineering, Procurement and Construction (“EPC”) contract with KAR Company (“KAR”) for the construction of the feeder pipeline from the Atrush block boundary to the tie-in point with the main Kurdistan export pipeline (the “Feeder Pipeline”). Work on the Feeder Pipeline will commence immediately. Simultaneously the Assignment, Novation and Fourth Amendment Agreement to the PSC (the “4th PSC Amendment”) and Atrush Facilitation Agreement were concluded between TAQA, General Exploration Partners, Inc. (“GEP”, a wholly owned subsidiary of ShaMaran), Marathon Oil KDV BV (together, the “Non-Government Contractors”) and the Kurdistan Regional Government (“KRG”). The 4th PSC Amendment and Atrush Facilitation Agreement include the following principal terms: The length and complexity of the commercial discussions associated with the above discussed agreements have brought the commencement of the Atrush Feeder Pipeline closer to the winter season which means there is an increased risk to the schedule and, while completion in the first quarter of 2017 is still the target and a possibility, it is probable that first production from Atrush will be further delayed to the second quarter of 2017. As a result the Company estimates that it will require approximately $20 million of additional funding which the Company expects will be made available by increasing GEP’s Super Senior Bond through facilities provided for in GEP’s April 2016 financing arrangement. Chris Bruijnzeels, President and CEO of ShaMaran, commented: “We are very pleased construction on the Atrush feeder pipeline will now start under the direct operational control of TAQA. The pipeline funding arrangement with the KRG allows us to move forward in executing the construction project. We are also pleased that the KRG has finalised their right to acquire a 25% interest in Atrush. With this, two major uncertainties surrounding the Atrush project have been positively resolved. The partnership can now fully concentrate on delivering first oil. The accelerated cost recovery scheme combined with the pipeline funding repayment should allow for a robust cash flow once production has started.” This information in this release is subject to the disclosure requirements of ShaMaran Petroleum Corp. under the EU Market Abuse Regulation and/or the Swedish Securities Markets Act. This information was publicly communicated on November 8, 2016 at 12:30 Central European Time. ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration company with a 20.1% direct interest in the Atrush oil discovery. The Atrush Block is currently undergoing an appraisal and development campaign. ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ OMX First North Exchange (Stockholm) under the symbol "SNM". Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Pareto Securities AB is the Company’s Certified Advisor on NASDAQ OMX First North. This news  release contains statements and information about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as  "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "outlook", "budget" or the negative of those terms or similar words suggesting future outcomes. The Company cautions readers regarding the  reliance placed by them on forward‐looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. Actual results may differ materially from those projected by management. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.


News Article | November 8, 2016
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 8, 2016) - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSX VENTURE:SNM)(OMX:SNM) is pleased to announce that TAQA Atrush B.V. ("TAQA"), as operator of the Atrush Block Production Sharing Contract ("PSC"), has entered into an Engineering, Procurement and Construction ("EPC") contract with KAR Company ("KAR") for the construction of the feeder pipeline from the Atrush block boundary to the tie-in point with the main Kurdistan export pipeline (the "Feeder Pipeline"). Work on the Feeder Pipeline will commence immediately. Simultaneously the Assignment, Novation and Fourth Amendment Agreement to the PSC (the "4th PSC Amendment") and Atrush Facilitation Agreement were concluded between TAQA, General Exploration Partners, Inc. ("GEP", a wholly owned subsidiary of ShaMaran), Marathon Oil KDV BV (together, the "Non-Government Contractors") and the Kurdistan Regional Government ("KRG"). The 4th PSC Amendment and Atrush Facilitation Agreement include the following principal terms: The length and complexity of the commercial discussions associated with the above discussed agreements have brought the commencement of the Atrush Feeder Pipeline closer to the winter season which means there is an increased risk to the schedule and, while completion in the first quarter of 2017 is still the target and a possibility, it is probable that first production from Atrush will be further delayed to the second quarter of 2017. As a result the Company estimates that it will require approximately $20 million of additional funding which the Company expects will be made available by increasing GEP's Super Senior Bond through facilities provided for in GEP's April 2016 financing arrangement. Chris Bruijnzeels, President and CEO of ShaMaran, commented: "We are very pleased construction on the Atrush feeder pipeline will now start under the direct operational control of TAQA. The pipeline funding arrangement with the KRG allows us to move forward in executing the construction project. We are also pleased that the KRG has finalised their right to acquire a 25% interest in Atrush. With this, two major uncertainties surrounding the Atrush project have been positively resolved. The partnership can now fully concentrate on delivering first oil. The accelerated cost recovery scheme combined with the pipeline funding repayment should allow for a robust cash flow once production has started." This information in this release is subject to the disclosure requirements of ShaMaran Petroleum Corp. under the EU Market Abuse Regulation and/or the Swedish Securities Markets Act. This information was publicly communicated on November 8, 2016 at 12:30 Central European Time. ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration company with a 20.1% direct interest in the Atrush oil discovery. The Atrush Block is currently undergoing an appraisal and development campaign. ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ OMX First North Exchange (Stockholm) under the symbol "SNM". Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Pareto Securities AB is the Company's Certified Advisor on NASDAQ OMX First North. This news release contains statements and information about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "outlook", "budget" or the negative of those terms or similar words suggesting future outcomes. The Company cautions readers regarding the reliance placed by them on forward‐looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. Actual results may differ materially from those projected by management. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.


News Article | December 16, 2016
Site: www.marketwired.com

CALGARY, ALBERTA--(Marketwired - Dec. 15, 2016) - WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") is pleased to announce that Jonathan Oestreich has been appointed to Western Zagros's Board of Directors as an independent director effective immediately. Mr. Oestreich has also been appointed to the Board's Audit Committee and the Health, Safety, Environment, and Security Committee. In conjunction with this appointment, 500,000 options have been granted to Mr. Oestreich on December 14, 2016 with an exercise price of $0.10. Mr. Oestreich is a Senior Advisor at Caswell Investments, LLC, where he focuses on investments in energy, infrastructure, financial services and technology. Mr. Oestreich served as Senior Vice President and Principal in the corporate finance and mergers and acquisitions business of Brown Brothers Harriman & Co. from 2005 through 2014. During this time he led the firm's advisory efforts in oil and gas, industrial technology, and financial services. From 2000 to 2005, Mr. Oestreich was a corporate attorney with Ropes & Gray LLP in New York, working in mergers and acquisitions and securities law. He is considered an expert on valuation, financial accounting and disclosure, funding strategies and capital markets, capital structure design, cost of capital analysis and credit quality. Mr. Oestreich received a Bachelor of Science degree from the Massachusetts Institute of Technology and Juris Doctor degree from the University of Michigan Law School. In commenting on these changes, Simon Hatfield, Chief Executive Officer, stated, "We wish to express our thanks to Jon for joining WesternZagros's Board of Directors. During the calendar year 2016, the Company has achieved a number of important milestones, including the approval of the Garmian Field Development Plan and submission of the Kurdamir Field Development Plan. The year ahead is an important one as the Company seeks to advance development and monetize its Kurdamir and Garmian projects. Jon is a highly qualified and experienced financial and legal professional and I am confident that he and the other members of the Board of Directors and senior management will effectively lead the Company in realizing these opportunities." David Boone, Chairperson of the Board, said "We conducted a search for someone who would further strengthen our board's breadth of financial talent and background, and we are delighted to have identified such an exceptional individual. I'm confident that Jon is going to make an important and positive impact on our company. After the June 2017 Annual General Meeting, Jon will succeed Randall Oliphant as Chair of the Audit Committee as Randall will be stepping down at that time." WesternZagros is an international natural resources company focused on acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds a 40 percent working interest in two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan Region of Iraq. WesternZagros's shares trade in Canada on the TSX Venture Exchange under the symbol "WZR". NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE


The implications of climate change targets not being met are massive migration, the potential for resource wars and “a further disintegrating of the international order”, according to Richard L. Morningstar, Founding Director and Chairman of the Global Energy Center and David Koranyi, Director of the Eurasian Energy Futures Initiative, both part of the Washington DC based think tank The Atlantic Council. Morningstar and Koranyi see a “direct relationship between climate change, geopolitics and global security”. They argue Europe should promote the role of gas and oppose Nord Stream 2. The election of Donald Trump would be “catastrophic in the climate and energy space”. The interview was first published in World Energy Focus 2016, a magazine produced by Energy Post for the World Energy Congress in Istanbul. The geopolitical issues surrounding energy – compounded as they are by the urgent need to mitigate climate change and the “energy-water nexus” – have never been as complex and intractable as they are today. They are a major focus of the Atlantic Council – a non-governmental organisation set up during the era of US President John F. Kennedy to focus on trans-Atlantic relations, which over time has become global in reach. World Energy Focus spoke with two of the Council’s leading figures on energy. Richard L. Morningstar, Founding Director and Chairman of the Council’s Global Energy Center, served as the US ambassador to the central Asian Republic of Azerbaijan from 2012 to 2014, and before that was the Secretary of State’s Special Envoy for Eurasian Energy. Originally an attorney, he has held a number of other senior diplomatic posts that make him an expert on energy issues in the former Soviet Union, Central Asia and the European Union. His colleague David Koranyi is Director of the Council’s Eurasian Energy Futures Initiative, a former Hungarian national security adviser and an expert on the geopolitics of energy and European and US foreign and energy policy. What are the main geopolitical challenges facing the world today? David Koranyi (DK): One is climate change-induced conflicts and ensuing migration. Syria is an example often put in the context of climate change-induced droughts, spiking food prices, ensuing riots and protests, and then the civil war. In many ways, the conflict and the huge migratory pressures in Europe are the indirect result of climate change already. I expect to see this more often in the future, especially if mitigation efforts fail. The second is the stability of energy-producing countries highly dependent on fossil fuel revenues. Some of the more optimistic forecasts show that the penetration of electric vehicles could be a lot higher by the mid 2020s or even the early 2020s than many expect. So there could be a huge difference between forecast and actual oil demand. We already see the enormous pressures on producers like Venezuela and Nigeria. What happens in the next decade if oil demand is more depressed, if low prices are the new normal for the foreseeable future? What does that do to regional and global stability? Richard L. Morningstar (RLM): I would include Russia – because, again, what happens if Russia has to deal with $20 or $25/barrel oil prices in the future. I’m not saying that’s going to happen – but there is the potential, given what could be a revolution in transportation technology. On climate change I would add that there is a direct relationship between climate change, geopolitics and global security. From what you’ve both said, the implications of climate change targets not being met are probably massive migration and the potential for resource wars. How concerned should people be? DK: A lot. To these two concerns, let me add a third. The international liberal world order established after the Second World War is already under attack from various actors and its two key anchors, the European Union and the United States, are struggling with internal pressures in the form of populism and resurgent nationalism. Donald Trump is a manifestation of that challenge from within. If international climate mitigation efforts fail, it will have a further disintegrating effect on the international order – a world where countries are more introspective, where multilateral institutions are more dysfunctional, where international co-operation on protecting the global commons is more challenging, where countries and many actors will not trust each other. RLM: Coordination is essential, and it will be particularly important for developed countries to provide assistance to lesser developed and least developed countries to meet goals. The project that [US Energy] Secretary Moniz has started, on Mission Innovation, is also very important – where countries come together, provide significant research funds, and coordinate on projects relating to new technologies, which ultimately will have the best chance of a game-changing effect. You’ve painted a pretty grim picture here. How much reassurance can we take from the international agreement made in Paris last December? DK: I am still optimistic that we can pull this off. But the time horizon is extremely short. If you look at the timescales for previous energy transitions, we have very little time. The transition will happen – but will it happen soon enough to prevent the catastrophic consequences of climate change? If you look at the timescales for previous energy transitions and the climate clock, we will have to go well beyond Paris. Natural gas as an energy source has become controversial, with some seeing it as a key part of the solution to mitigating climate change and others dismissing it as just another fossil fuel. What’s your view? RLM: Gas is going to play a major role for the foreseeable future in helping to create a cleaner environment. It’s obvious that gas is cleaner than other fossil fuels. It’s going to be necessary for backup generation to renewable-based generation. I know some are concerned that a lot of infrastructure will be built for gas and that that will tie us into it. I don’t buy into that. DK: The methane leakage issue will need to be properly addressed. There are efforts to address it here in the United States and hopefully they will continue during the next administration. There needs to be effort also from other major producers like Russia, Qatar or Nigeria – very often we don’t even have data available from those countries. Also, there needs to be a re-focus for carbon capture and sequestration (CCS) for gas, as opposed to the current focus on CCS for coal –  because that could provide a longer term future for gas in addition to it being a bridge fuel. Do you expect the shale gas revolution to be replicated outside North America? RLM: It’s very unclear whether the American shale revolution can be replicated. We have in the United States what may be some very unique characteristics with respect to geography, land rights and entrepreneurial capabilities. We had been hopeful with respect to what would happen in Europe but that has not come to pass. It’s interesting that the environmental issues that have come to the fore in Europe, particularly in Eastern Europe, have been promoted by our Russian friends who certainly have had an interest in shale not being developed. As far as other geographical areas around the world, we’ll have to see. OPEC’s policy – led by Saudi Arabia – to fight for market share rather than defend price has seen oil prices collapse, with major impacts on producers and consumers – for example, Venezuela and Nigeria. Is OPEC still relevant in an era of supply abundance driven by the North America shale oil revolution? DK: OPEC’s influence on global markets and pricing has diminished and will diminish further. I don’t see how internal unity will be restored within OPEC and in my mind Saudi Arabia’s decision to stick to its production levels and defend market share was as much about protecting its market share based on previous bad experiences when cuts were agreed but nobody else held to them. And, of course, about Iran returning to the market. The US is well on its way to becoming a major LNG exporter – and, importantly, more commercially flexible LNG supply. Will this lead to Europe becoming a gas battleground as LNG competes with Russian pipeline gas exports? RLM: The key point is the availability of US LNG exports. Just the fact that LNG can be shipped to Europe and other parts of the world already has had a tremendous effect on competition. In Europe just the availability of LNG has resulted in Russia lowering its gas prices. There’s the famous anecdote of when the Klaipėda LNG terminal opened in Lithuania, Russia came back and re-negotiated its price. From a consumer standpoint, an availability standpoint, and diversification it’s very important. DK: LNG is going to act as a price ceiling for Russian gas in Europe. It is already forcing the Russians to completely re-think their strategy – maybe moving from a price maximizing strategy more towards a volume strategy. It may also lead to changes domestically in Russia, in market liberalisation and maybe the lifting of the export monopoly for Gazprom, which eventually could lead to the demise of that company as we know it today. But there are some deficiencies in terms of infrastructure availability in Central and Eastern Europe. There’s an important task ahead for the EU to complete interconnections to make sure that these markets are accessible for LNG. Ambassador Morningstar, you have written recently on “the pluses and minuses of Nord Stream 2” – the new pipeline that would bring gas from Russia to Europe. With gas supplies looking so abundant that we face a glut until the early 2020s, and with Europe seen as a “market of last resort” for LNG, is now a good time for such an investment? RLM: No, for many reasons. There is a serious question as to whether there is a commercial need for Nord Stream 2. Some of its advocates have said gas production is going to decrease in Europe, while demand is going to increase, so it’s going to be important to have that source. I would argue that there are many sources that could solve any such need. There are other reasons why Nord Stream 2 would be a mistake. It would not help Europe in the diversification of suppliers, it would have an adverse effect on Ukraine, in possibly eliminating $2 billion a year in transit fees, and it could make gas going back to Central and Eastern Europe via reverse flow more expensive. Also, there is a geopolitical aspect to this. It would be a very bad signal to approve Nord Stream 2 while Russia is occupying Crimea and is active in eastern Ukraine. It would show weakness on the part of Europe. What are the prospects for development of the Southern Corridor of gas supply to Europe – from Central Asia and perhaps Iran? RLM: Today, the Southern Corridor is important but will not have a huge effect on Europe. The present Shah Deniz project would provide 6 bcm (billion cubic metres) to Turkey and 10 bcm onto Europe. [Russia exported 160 bcm to Europe last year, including 26.6 bcm to Turkey. Editor.] As we look into the future, what might be added to the Southern Corridor? I don’t think it’s likely in the foreseeable future that Turkmen gas will be part of the Southern Corridor. There are opportunities for more production in Azerbaijan that could contribute significantly going into the middle 2020s. Hopefully at some point gas from the KRG [Kurdistan Regional Government] and the Eastern Mediterranean will become part of the Southern Corridor. With respect to Iran, it doesn’t appear to be one of their highest priorities right now because they’re looking to their own domestic needs for gas, regional needs, and the possibility of LNG exports. As for Turkey, the one consistent aspect of the relationship between Europe and the United States and Turkey going back 20 years has been energy. It’s always been a positive aspect of that relationship, and I don’t expect that to change. Whatever the consequences of the abortive coup may be, I would suspect that Turkey will continue to make every effort to cooperate with respect to the Southern Corridor. Turkish companies are heavily involved now in both the Shah Deniz project and the Trans-Anatolian Pipeline (TANAP). How will the outcome of the US election affect developments in the energy world? DK: Let me be blunt. As in so many other respects, the election of Donald Trump as US president would be catastrophic in the climate change and energy space. It would significantly jeopardise the moral leadership of the United States and its standing in the world. If Clinton is elected, that brings up a very interesting prospect, depending on how the political setup in Congress looks. That will determine to what extent she will be able to lead on a more robust US climate policy, and whether there will be support, perhaps even on a bipartisan basis, in Congress. The latter may sound crazy and far-fetched as of now, but there are some encouraging conversations under the surface going on inside and close to the GOP about a more forward leaning approach on climate. There is increasing recognition in business circles, close to the Republicans, that the current positions will not only be vulnerable from the scientific standpoint but also politically harmful given how US public opinion is shifting on climate change. If it’s a democratic majority in Congress or if there is some space for a bipartisan compromise, an interesting prospect would be to talk again about more robust measures, like a carbon tax for example. Right now the administration is doing what it can with suboptimal tools, given the political gridlock. If you look at the Clean Power Plan, for example, it covers only the power generation sector. The question in my mind is whether it will be possible to design and implement policy tools that are more effective in addressing US emissions, also enabling the U.S. to lead in the fight against climate change.


News Article | December 27, 2016
Site: www.forbes.com

This article was originally published at Stratfor.com. Regardless of politics, everyone seems to agree that Donald Trump will be an unconventional U.S. president. It comes as little surprise, then, that many of his picks to fill Cabinet posts are also unorthodox. Chief among these selections is Rex Tillerson, the CEO of Exxon Mobil Corp. and Trump's nominee for secretary of state. At first glance, Tillerson may seem a strange choice to fill Washington's top diplomatic post; after all, the past several secretaries of state have had backgrounds in government or diplomatic service. But Tillerson's experiences in the oil and natural gas industry have doubtless prepared him for the weighty and often delicate duties of the job. Though he lacks a diplomatic track record, Tillerson's actions as head of the world's largest oil company bespeak a pragmatism and view of reality that will guide him -- and the future of U.S. foreign policy -- if he is confirmed. To adequately assess the possible risks to a prospective project, an oil company must know a country's geopolitics inside and out, from its current political climate at the local, regional, national and global levels to its long-term trajectory. Oil companies must have a thorough understanding of the land that their pipelines, wells and platforms will occupy -- and the local or foreign actors that may contest its control. Furthermore, energy projects can take decades to get off the ground or recoup initial investments, and political leaders may come and go in the meantime. Since the governments in many oil- and gas-producing countries depend on energy revenue for funding, their leaders play an active role in overseeing the industry. When investing in projects in these countries, then, international oil companies often must negotiate with high-ranking officials, including heads of state. As CEO of ExxonMobil for the past decade, Tillerson has occupied a role not unlike that of a foreign minister, and he has been received as such in the countries where his company does business. During his time at the helm, ExxonMobil has worked with several national oil companies whose close ties with their governments often turn them into battlegrounds between rival politicians. It has also experienced insurgent attacks on its production infrastructure in the remote areas of Indonesia and Nigeria that revealed the limits of those governments' reach. Tillerson has led the company through challenges brought on by geopolitical forces at every level and facilitated negotiations over thorny issues, such as Chad's 2006 dispute with the World Bank, which erupted just five days after he assumed control of ExxonMobil. More important, his company's endeavors around the world have exposed him to the complicated political environments in Iraq and Russia, countries that will be high on the agenda for the next secretary of state, whoever that may be. Between the Kurds and Baghdad If confirmed, Tillerson will enter his post as secretary of state well versed in the intricacies of Iraqi politics. In 2009, ExxonMobil won the rights to develop the West Qurna-1 oil field in southern Iraq, a flagship project for then-Prime Minister Nouri al-Maliki. But the terms of the deal were not terribly favorable. Because the project was a service contract, ExxonMobil could not include the reserves it was developing in its reports to the U.S. Securities and Exchange Commission, and Baghdad quickly fell behind on its payments to the company. As a result, ExxonMobil decided to take its chances on a deal with the autonomous Kurdistan Regional Government (KRG). The decision was risky: Baghdad claims sole ownership of all energy resources in Iraq's borders and denies Arbil's right to regulate its own oil and gas sector. Moreover, the Iraqi government threatened to blacklist oil companies doing business with Arbil and to revoke their contracts with Baghdad. Arbil offered attractive production-sharing contracts to entice foreign companies to incur the risk of investing in the KRG, however, and ExxonMobil signed contracts for six exploration blocks in the Kurdish region in northern Iraq. (The KRG knew that attracting a company of ExxonMobil's stature would lend it legitimacy.) Despite al-Maliki's protestations, the company understood that Baghdad would not risk delays on West Qurna-1 just to reprimand it.


NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or the "Company") announces that the Company has entered into a letter agreement (the "Amending Agreement") with its major shareholder, Crest Energy International, LLC ("Crest"), to further extend the date by which the Company must deliver to Crest the first drawdown notice (the "Drawdown Deadline") for both debt tranches. The most recent amendment to the Company's debt facility better aligns the timing of the debt availability with the anticipated capital needs. Pursuant to the terms of the Loan Agreement, Crest has agreed to provide debt financing to the Company of up to US$200 million in two tranches. One tranche is for up to US$50 million (the "$50M Tranche") and the other tranche is for up to US$150 million (the "$150M Tranche"). Once an initial draw has been made under a tranche, the drawn amounts accrue interest at 14 and 12 percent per annum under the $50M Tranche and the $150M Tranche, respectively, and the undrawn amount under the tranches accrues a commitment fee of 8 percent per annum. Pursuant to the Amending Agreement, the Drawdown Deadline for the $50M Tranche has been extended from March 1, 2017 to May 1, 2017. In addition, the maturity date for this tranche has also been extended from March 1, 2019 to May 1, 2019. The Drawdown Deadline for the $150M Tranche has been extended from August 1, 2017 to November 1, 2017, with a corresponding extension of the maturity date for this tranche from August 1, 2019 to November 1, 2019. This deferral of the deadlines provides the Company with an opportunity to reduce commitment fees and interest costs as it does not expect to need to access any funds until the second quarter of 2017 based upon the currently anticipated level and timing of capital expenditures. The other terms of the Loan Agreement remain in effect, including the above-mentioned interest rates and commitment fees, as well as the condition precedent to drawdown that nothing has occurred since the closing of the Loan Agreement on November 18, 2014 (the "Closing Date") which could reasonably be expected to have a material adverse effect on the Company (as defined in the Loan Agreement). The Amending Agreement preserves Crest's right to determine if a material adverse effect has occurred since the Closing Date at the time that any drawdown notice is provided by the Company. WesternZagros is an international natural resources company focused on acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds a 40 percent working interest in two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan Region of Iraq. WesternZagros's shares trade in Canada on the TSX Venture Exchange under the symbol "WZR". NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE This news release contains certain forward-looking statements relating to, but not limited to, timing for expected capital expenditures and need to access additional funds. Forward-looking information typically contains statements with words such as "anticipate", "estimate", "expect", "potential", "could", "should" or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company's securities to not place undue reliance on forward-looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by WesternZagros. Forward looking information is not based on historical facts but rather on management's current expectations as well as assumptions made by, and information currently available to management, concerning, among other things, development plans and concepts, future capital and other expenditures (including the amount, nature and sources of funding thereof), expected drilling results, the continued ability to sell production in the domestic or export markets and the payments to be received in connection therewith, anticipated operating costs, future economic conditions, future currency and exchange rates, continued political stability, continued security in the Kurdistan Region, timely receipt of any necessary co-venturer, government or regulatory approvals, the successful resolution of any disputes and the participation of the Company's co-venturers in joint activities. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those anticipated by WesternZagros including, but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development and production; inherent uncertainties in interpreting geological data; changes in plans with respect to capital expenditures; interruptions in operations together with any associated insurance proceedings; the uncertainty of estimates and projections in relation to timing, costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, risks relating to domestic refining capacity and continuing ability to access the domestic market, risks relating to the ability to access export markets and receive payments in accordance with the PSC terms on a timely basis, the uncertainty associated with any dispute resolution proceedings, the uncertainty associated with negotiating with foreign governments and risk associated with international activity, including the lack of federal petroleum legislation and ongoing political disputes and recent terrorist activities in Iraq in particular. Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by law, WesternZagros does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. See the "Risk Factors" section of the Company's Annual Information Form dated March 16, 2016 ("AIF") filed on SEDAR at www.sedar.com for a further description of these risks and uncertainties facing WesternZagros. Additional information relating to WesternZagros is also available on SEDAR at www.sedar.com, including the Company's AIF.


News Article | November 17, 2016
Site: www.marketwired.com

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") announced today its operating and financial results for the third quarter ended September 30, 2016. A summary of the activities, the financial statements, and the accompanying Management Discussion and Analysis ("MD&A") are available at www.westernzagros.com and on SEDAR at www.sedar.com. All amounts set out in this news release are in US dollars unless otherwise stated. Commenting on the third quarter results and subsequent events, WesternZagros's Chief Executive Officer Simon Hatfield said: "The Company made steady progress in the quarter against several objectives, including fortifying our balance sheet and maintaining our lowered capital requirements. At Sarqala, our revenue for the year to date is $10 million and we're pleased that we have received payment from the KRG to the end of September. The Sarqala-1 well has now produced just under four million barrels of light oil with no indications of formation water and no hydrogen sulphide. In the third quarter, we also received $5.5 million of insurance proceeds and further deferred the draw down dates of our debt facility. The revised dates now better align with the anticipated spud of the Sarqala-2 well in the third quarter of next year. Discussions with our co-venturers on advancing development of the Kurdamir and Garmian blocks continue to progress, with our aim being to advance investment in the region in line with sustained regular payments for production. We are excited to demonstrate the high quality, long-life and strong economics of our projects on both blocks but intend to take full advantage of our increased financial flexibility to hold the pace of spending in line with market conditions." WesternZagros's assets comprise two contract areas, the Kurdamir and Garmian blocks, with significant oil and natural gas discoveries. The timeframe for advancing investment plans on the Garmian and Kurdamir blocks is subject to, among other factors, the stability of payments for existing production. WesternZagros continues to focus on advancing development in accordance with the approved Garmian FDP and securing KRG approval of the phased development plan for the Kurdamir Block in line with market conditions and dependent upon the sustainability of regular payments for production. For the remainder of 2016, the Company anticipates the average daily productive capacity of Sarqala-1 will be approximately 5,000 bbl/d. Assuming continuous production and an average Brent price of $40 to $50 per barrel, WesternZagros estimates revenues for the remainder of 2016 to be $3.5 to 5.0 million. In 2017, the Company anticipates the average daily productive capacity of Sarqala-1 will range from 4,500 to 5,000 bbl/d. Assuming continuous production and payments for the year, and an average Brent price of $45 to $50 per barrel, WesternZagros estimates 2017 revenues of $15 to $19 million. The Company has $32.7 million in cash and cash equivalents as at September 30, 2016 to advance the field development plans with its co-venturers. The Company estimates spending for the remainder of the year of approximately $13 million to operate the Sarqala production operations, advance the respective development of the Kurdamir and Garmian blocks with its co-venturers and cover WesternZagros head office costs. The first Garmian development well is anticipated to spud in the third quarter of 2017. As previously announced, the Company has further extended the timing for the draw down dates under the Crest Loan Agreement providing the Company with additional flexibility and reducing potential financing costs as it works to finalize its development plans and capital programs. The Company continues its focus on strict cost management. In addition, the Company is reviewing all financing alternatives including but not limited to, the completion of an alternative debt financing or equity financing, or the farm down or sale of some of the assets of the Company to advance the developments. The Company will provide further guidance on the anticipated quantum and timing of capital expenditures for the respective Kurdamir and Garmian projects as the field development plans and related development budgets are finalized and approved. WesternZagros is an international natural resources company focused on acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds a 40 percent working interest in two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan Region of Iraq. WesternZagros's shares trade in Canada on the TSX Venture Exchange under the symbol "WZR". This news release contains certain forward-looking statements relating to, but not limited to, expected working capital, expected capital and other commitments and the timing thereof, expectations regarding the necessity for further funding and the timing and potential sources thereof, operational information, future development concepts and plans and capacity of facilities and expected production rates, revenues, field netback, and petroleum costs (as defined in each Production PSC). Forward-looking information typically contains statements with words such as "anticipate", "estimate", "expect", "potential", "could", or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company's securities to not place undue reliance on forward-looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by WesternZagros. Forward looking information is not based on historical facts but rather on management's current expectations as well as assumptions made by, and information currently available to management, concerning, among other things, development plans and concepts, future capital and other expenditures (including the amount, nature and sources of funding thereof), the ability to identify appropriate financing transactions, the outcomes of future well operations, results of drilling activity and testing, future capital and other expenditures (including the amount, nature and sources of funding thereof), the availability of debt financing or access to alternate financing, the continued ability to sell production in the domestic or export markets and the payments to be received in connection therewith, anticipated operating costs, future economic conditions, future currency and exchange rates, continued political stability, continued security in the Kurdistan Region, timely receipt of any necessary co-venturer, government or regulatory approvals, the successful resolution of any disputes, the Company's continued ability to employ qualified staff and to obtain equipment in a timely and cost efficient manner and the participation of the Company's co-venturers in joint activities. In addition, budgets are based upon WesternZagros's current development plans and anticipated costs, both of which are subject to change based on, among other things, the outcome of negotiations with co-venturers and the government, the actual outcomes of well operations and the installation and commissioning of facilities, unexpected delays, availability of future financing and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those anticipated by WesternZagros including, but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development and production; inherent uncertainties in interpreting geological data; changes in plans with respect to capital expenditures; interruptions in operations together with any associated insurance proceedings; the uncertainty of estimates and projections in relation to timing, costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, risks relating to domestic refining capacity and continuing ability to access the domestic market, risks relating to the ability to access export markets and receive payments in accordance with the PSC terms on a timely basis, the uncertainty associated with any dispute resolution proceedings, the uncertainty associated with negotiating with foreign governments and risk associated with international activity, including the lack of federal petroleum legislation and ongoing political disputes and recent terrorist activities in Iraq in particular. Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by law, WesternZagros does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. See the "Risk Factors" section of the Company's AIF dated March 16, 2016 filed on SEDAR at www.sedar.com for a further description of these risks and uncertainties facing WesternZagros. Additional information relating to WesternZagros is also available on SEDAR at www.sedar.com, including the Company's AIF. Field netback is a non-IFRS measure that represents the Company's working interest share of oil sales, after deducting royalties and operating expenses. Management believes that the field netback is a useful measure to analyze operating performance and provides an indication of the Company's results of business activities prior to other income and expenses. Field netback does not have a standard meaning under IFRS and may not be comparable to similar measures used by other companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS such as total income (loss) or cash flow from (used in) operating activities. See the "Financial Performance" section of the Company's MD&A dated August 10, 2016 for a reconciliation of field netback. In addition, statements relating to reserves and other resources contained herein are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources described can be economically produced in the future. Future net revenue values are estimated values only and do not represent fair market value. There is no assurance that the forecast prices and cost assumptions, the initial phases of the development plans as submitted to the KRG and anticipated future phases contemplated in completing the full field development utilized in such estimated values will be attained and variances could be material. The reserve and resource estimates provided herein are estimates only and there is no assurance that the estimated reserves and other resources will be recovered. Actual reserves and other resources may be greater than or less than the estimates provided herein. Terms related to resource classifications referred to herein are based on the definitions and guidelines in the Canadian Oil and Gas Evaluation Handbook which are as follows. The reserves have been evaluated by Sproule International Limited ("Sproule"). Resources other than reserves have been estimated by the Company and audited by Sproule. "Reserves" are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on (a) analysis of drilling, geological, geophysical and engineering data, (b) the use of established technology and (c) specified economic conditions which are generally accepted as being reasonable and shall be disclosed. Reserves are classified as Proved, Probable or Possible according to the degree of certainty associated with the estimates. "Proved Reserves" are those Reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated Proved Reserves. If probabilistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimated Proved Reserves. "Probable Reserves" are those additional Reserves that are less certain to be recovered than Proved Reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated Proved plus Probable (2P) Reserves. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated 2P Reserves. "Possible Reserves" are those additional Reserves that are less certain to be recovered than Probable Reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated Proved plus Probable plus Possible (3P) Reserves. If probabilistic methods are used, there should be at least a 10 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated 3P Reserves. "Contingent Resources" are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent Resources have an associated chance of development (economic, regulatory, market and facility, corporate commitment or political risks). The Contingent Resources estimates referred to herein have not been risked for the chance of development. There is no certainty that the Contingent Resources will be developed and, if developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the Contingent Resources. "Prospective Resources" are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery (geological chance of success) and a chance of development (economic, regulatory, market, facility, corporate commitment or political risks). The chance of commerciality is the product of these two risk components. Unless otherwise indicated, the estimates referred to herein have not been risked for either the chance of discovery or the chance of development. There is no certainty that any portion of the Prospective Resources will be discovered. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the Prospective Resources. Gross Block resource estimates presented herein represent the total volumes for the indicated reservoirs attributable to 100 percent of the relevant block, without any adjustment for the Company's working interest therein whereas the Working Interest (Gross) or Company Gross resource estimates presented represent the Company's 40 percent working interest (operating or non-operating) share before deduction of royalty petroleum, profit petroleum, production bonuses and capacity building support payments pursuant to the provisions of the applicable Production Sharing Contract. Best Estimate (P50) or (2C) is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater of less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate. A barrel of oil equivalent (BOE) is determined by converting a volume of natural gas to barrels using the ratio of 6 thousand cubic feet (Mcf) to one barrel. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. The section "Statement of Reserves and Other Oil and Gas Information" (including Schedule A) contained in the Company's AIF dated March 16, 2016 filed on SEDAR at www.sedar.com, contains additional detail with respect to the Company's resource assessments and the estimates of net present value associated with its Reserves. This section includes the significant risks and uncertainties associated with the volume estimates and the recovery and development of the resources, the forecast prices and cost assumptions, descriptions of the applicable projects and FDPs and the specific contingencies which prevent the classification of the Contingent Resources as Reserves. As indicated above, unless otherwise indicated, the estimates of Contingent Resources and Prospective Resources contained in this document are presented on an unrisked basis. Readers should refer to the AIF for the associated risked estimates of Contingent Resources and Prospective Resources. Such risked estimates are based upon the Company's estimates of chance of commerciality set forth therein which involves assessing various risks based upon a number of assumptions and other factors. While the Company believes that such estimates and underlying assumptions are reasonable, many of these assumptions are beyond the Company's control, are subject to change and may not, over time, prove to be accurate. As such, the actual level of various risks (including those currently identified and additional risks which may be identified in the future) could prove to be greater and the chance of commerciality lower than currently estimated and such differences could be material. No additional projects have been defined at this time in respect of the Contingent Resources and Prospective Resources pertaining to other reservoirs for the Garmian and Kurdamir blocks since these reservoirs do not form part of the initial phases of the field development plans. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE


NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or the "Company") is pleased to announce a 60 percent increase in the Company's Proved plus Probable ("2P") Reserves and a 250 percent increase in the net present value of the future net revenue of such reserves discounted at 10 percent ("NPV10"). The Company is also pleased to provide an Operational Update and confirmation of receipt of all proceeds for 2016 oil sales. The Company's Reserves as at December 31, 2016 were evaluated by the Company's independent reserves evaluators, Sproule International Limited ("Sproule") for the Sarqala Jeribe / Upper Dhiban reservoir on the Garmian Block located in Kurdistan, Iraq in a report dated February 28, 2017 (the "2016 Sproule Report"). The 2016 Sproule Report has been prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGEH") and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI51-101"). Highlights of the 2016 Sproule Report in comparison with the reserves evaluation completed by Sproule as at December 31, 2015 include: The table below presents highlights from the 2016 Sproule Report for both WesternZagros's Working Interest (Gross) and Gross Block 2P Reserves volumes, together with 2015 YE estimates for comparison. In addition, as a result of the increased Reserves recognized in the 2016 Sproule Report the Company is now able to reverse the non-cash impairments of property, plant and equipment recorded in previous years(3). Commenting on the Company's 2016 YE 2P Reserves, Simon Hatfield, WesternZagros's CEO said, "We are pleased that the steady performance of Sarqala-1 has allowed us to continue the conversion of Prospective Resources into Reserves at Garmian. The well continues to produce at over 5,000 barrels of oil per day and has produced almost 4.5 million barrels of high quality crude with no water or H2S to date. The Company's forward production estimates predict that, under the current 2P reserves scenario, Sarqala-1 will ultimately produce over 13 million barrels of crude. Although our material balance calculations indicate additional reserves below the current lowest known oil, COGEH guidelines restrict the estimates to the deepest known oil evident on well logs at Hasira-1. We have been and will continue to be annually subject to the stringent Canadian securities requirements of reserves and contingent resources reporting although we remain optimistic about our ability to continue to increase reserve estimates as drilling and production continues." The increases to the Company's Reserves are due to the conversion of Prospective Resources to Reserves and are based on the performance of the Sarqala-1 well. The conversion to Reserves is supported by the Company's material balance analysis to reconcile the modest pressure decline observed during production and the continued absence of produced water at the Sarqala-1 well. 2016 YE Reserves are now assessed down to a revised depth of -3574 metres subsea ("ss"), which is the depth of lowest known oil as indicated on petrophysical logs in the Hasira-1 well whereas the 2015 YE Reserves were assessed down to -3501 metres ss, the depth of the top of the pay zone from logs in the Hasira-1 well (see figures 1 and 2 below). The Company's internal material balance analyses support the further presence of oil reserves below the lowest known oil interpreted from petrophysical logs in the Hasira-1 well. However, COGEH guidelines in accordance with NI 51-101 limit the estimation of reserves to the lowest known oil in Hasira-1. As such, the Company expects that the reserves estimates will increase further once additional wells penetrate the Jeribe/Upper Dhiban oil reservoir at greater depths than the Hasira-1 penetration. The following map and cross-section illustrate the reservoir configuration associated with the revised lowest known oil at -3574 metres ss. The darker green shaded areas represent Reserves and the light shaded green area represents Prospective Resources. Fig 1 - Top Jeribe (top reservoir) Depth Structure Map showing the difference between 2015 YE and 2016 YE Base Reserves (Lowest Known Oil). To view figure 1, please visit the following link: http://media3.marketwire.com/docs/1087332_fig1.jpg Fig 2 - Schematic Cross-Section illustrating 2016 YE Base Reserves defined by Lowest Known Oil in the H-1 well. To view figure 2, please visit the following link: http://media3.marketwire.com/docs/1087332_fig2.jpg Additional information related to the 2016 Sproule Report and the Reserves estimates is included in the Appendix below and certain advisories and relevant definitions related to the Reserves and Resources are noted at the end of this news release. Sproule's audit of the revised estimates of Prospective Resources resulting from the conversion to Reserves and other technical factors for the Garmian Block discussed above is pending and revised estimates will be included in the Company's 2016 Annual Oil and Gas Statement (see the Appendix below under "Additional Information"). In relation to the material increase in Reserves, a material reduction in the Prospective Resources is anticipated. On the Company's other development project at Kurdamir, estimates of the Prospective and Contingent Resources are currently being audited by Sproule and will also be included in the Company's 2016 Annual Oil and Gas Statement. No material changes are anticipated. Subsequent to December 31, 2016, the Company received payment for outstanding oil sales proceeds of US$4.9 million related to the fourth quarter, resulting in no remaining outstanding receivables for 2016 sales. At Sarqala, WesternZagros's revenue for the 2016 fiscal year is estimated to be US$14.4 million (unaudited), which has been collected in accordance with production sharing contract entitlements. WesternZagros acknowledges the efforts made by the Ministry of Natural Resources of the Kurdistan Regional Government, despite the hardships the Region is under, to pay its oil producing contractors in accordance with their production sharing entitlements. The Sarqala-2 well on the Garmian Block is planned to be drilled in the third quarter of 2017. This is the Company's first Garmian development well targeted with the advantage of 3D seismic data and designed as a producing well for the Jeribe reservoir. Revised drilling and completion techniques will be used in Sarqala-2 and it is anticipated to be put on stream in early 2018 with the objective of tripling the current field production levels. In addition, the drilling of Sarqala-3 in 2018 is designed to further advance the project to 25,000 bbls per day by 2020. Recent Garmian oilfield service tender responses are reflecting a significant reduction in service industry costs in Kurdistan and WesternZagros expects to see future well costs decline by 15 percent or more over previous well estimates. Commenting on the Company's Operational as well as Regional updates, Hatfield said, "WesternZagros is very well positioned for long-term development opportunities - which we will pursue with our tradition of prudent capital management and paced development. We are pleased to see that the Kurdistan Regional Government is committed to regular payments to IOCs. The KRG's economic reforms initiated in 2015 aimed at reducing expenditures have resulted in a significant drop in their deficit. We also are encouraged by their development of new markets worldwide for Kurdistan crude oil as seen with the recent new financing and oil sales arrangements. We remain committed to a strong partnership and are optimistic about our projects and the long-term future of the Kurdistan Region." A summary table from the 2016 Sproule Report and from the reserve report prepared by Sproule as at December 31, 2015 and dated March 16, 2016 (the "2015 Sproule Report") are presented below and show the significant increases to the Proved, Probable and Possible Reserves categories. The table below presents a reconciliation of the Company's Gross Reserves by Product Type as at December 31, 2016 against such Reserves as at December 31, 2015 using forecast prices and costs. The forecast prices utilized by Sproule in the 2016 Sproule Report for estimating future net revenue from Reserves were based on Sproule's December 31, 2016 pricing model. The table below presents a summary of selected forecasts. The Company's weighted average historical price for 2015 was US$41.42 and for 2016 was US$36.41. To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/1087332_table.jpg Additional information related to the 2016 Sproule Report and the Reserves estimates is included in the Company's Material Change Report dated February 28, 2017, which is available under the Company's profile on SEDAR at www.sedar.com and on its corporate website at www.WesternZagros.com. The reserves data provided in this news release and the Material Change Report present only a portion of the disclosure required under NI 51-101. The Company's oil and gas disclosure statement for the year ended December 31, 2016, which will include complete disclosure of the Company's oil and gas reserves and other oil and gas information in accordance with NI 51-101, will be contained in the Company's annual information form which will be available on SEDAR on or before March 31, 2017 (the "2016 Annual Oil and Gas Statement"). The 2016 Annual Oil and Gas Statement will also include updated estimates of Jeribe / Upper Dhiban Prospective Resources on the Garmian Block, as well as updated estimates of Prospective and Contingent Resources for the Company's other development project at Kurdamir. WesternZagros is an international natural resources company focused on acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds a 40 percent working interest in two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan Region of Iraq. WesternZagros's shares trade in Canada on the TSX Venture Exchange under the symbol "WZR". This news release contains certain forward-looking statements relating to, but not limited to, expected costs and revenues and future development plans, including expected timing thereof and increased production rates therefrom. Forward-looking information typically contains statements with words such as "anticipate", "estimate", "expect", "potential", "could", or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company's securities to not place undue reliance on forward-looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by WesternZagros. Forward looking information is not based on historical facts but rather on management's current expectations as well as assumptions made by, and information currently available to management, concerning, among other things, development plans and concepts, future capital and other expenditures (including the amount, nature and sources of funding thereof), the ability to identify appropriate financing transactions, the outcomes of future well operations, results of drilling activity and testing, future capital and other expenditures (including the amount, nature and sources of funding thereof), the availability of debt financing or access to alternate financing, the continued ability to sell production in the domestic or export markets and the payments to be received in connection therewith, anticipated operating costs, future economic conditions, future currency and exchange rates, continued political stability, continued security in the Kurdistan Region, timely receipt of any necessary co-venturer, government or regulatory approvals, the successful resolution of any disputes, the Company's continued ability to employ qualified staff and to obtain equipment in a timely and cost efficient manner and the participation of the Company's co-venturers in joint activities. In addition, budgets are based upon WesternZagros's current development plans and anticipated costs, both of which are subject to change based on, among other things, the outcome of negotiations with co-venturers and the government, the actual outcomes of well operations and the installation and commissioning of facilities, unexpected delays, availability of future financing and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those anticipated by WesternZagros including, but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development and production; inherent uncertainties in interpreting geological data; changes in plans with respect to capital expenditures; interruptions in operations together with any associated insurance proceedings; the uncertainty of estimates and projections in relation to timing, costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, risks relating to domestic refining capacity and continuing ability to access the domestic market, risks relating to the ability to access export markets and receive payments in accordance with the terms of its production sharing contracts on a timely basis, the uncertainty associated with any dispute resolution proceedings, the uncertainty associated with negotiating with foreign governments and risk associated with international activity, including the lack of federal petroleum legislation and ongoing political disputes and recent terrorist activities in Iraq in particular. Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by law, WesternZagros does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. See the "Risk Factors" section of the Company's Annual Information Form (AIF) dated March 16, 2016 filed on SEDAR at www.sedar.com for a further description of these risks and uncertainties facing WesternZagros. Additional information relating to WesternZagros is also available on SEDAR at www.sedar.com, including the Company's AIF. In addition, statements relating to reserves and other resources contained herein are deemed to be forward -looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources described can be economically produced in the future. Future net revenue values are estimated values only and do not represent fair market value. There is no assurance that the forecast prices and cost assumptions, the initial phases of the development plans as submitted to the KRG and anticipated future phases contemplated in completing the full field development utilized in such estimated values will be attained and variances could be material. The reserve estimates provided herein are estimates only and there is no assurance that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein. Terms related to resource classifications referred to herein are based on the definitions and guidelines in the Canadian Oil and Gas Evaluation Handbook which are as follows. The reserves have been evaluated by Sproule International Limited ("Sproule"). "Reserves" are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on (a) analysis of drilling, geological, geophysical and engineering data, (b) the use of established technology and (c) specified economic conditions which are generally accepted as being reasonable and shall be disclosed. Reserves are classified as Proved, Probable or Possible according to the degree of certainty associated with the estimates. "Proved Reserves" are those Reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated Proved Reserves. If probabilistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimated Proved Reserves. "Probable Reserves" are those additional Reserves that are less certain to be recovered than Proved Reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated Proved plus Probable (2P) Reserves. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated 2P Reserves. "Possible Reserves" are those additional Reserves that are less certain to be recovered than Probable Reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated Proved plus Probable plus Possible (3P) Reserves. If probabilistic methods are used, there should be at least a 10 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated 3P Reserves. "Contingent Resources" are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent Resources have an associated chance of development (economic, regulatory, market and facility, corporate commitment or political risks). The Contingent Resources estimates referred to herein have not been risked for the chance of development. There is no certainty that the Contingent Resources will be developed and, if developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the Contingent Resources. "Prospective Resources" are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery (geological chance of success) and a chance of development (economic, regulatory, market, facility, corporate commitment or political risks). The chance of commerciality is the product of these two risk components. Unless otherwise indicated, the estimates referred to herein have not been risked for either the chance of discovery or the chance of development. There is no certainty that any portion of the Prospective Resources will be discovered. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the Prospective Resources. Gross Block resource estimates presented herein represent the total volumes for the indicated reservoirs attributable to 100 percent of the relevant block, without any adjustment for the Company's working interest therein whereas the Working Interest (Gross) or Company Gross resource estimates presented represent the Company's 40 percent working interest (operating or non-operating) share before deduction of royalty petroleum, profit petroleum, production bonuses and capacity building support payments pursuant to the provisions of the applicable contract. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE


Oslo, 10 November 2016 - DNO ASA, the Norwegian oil and gas operator, today announced a third consecutive quarter of operating profits and the completion of the first phase of the 2016-2017 drilling campaign at the Company's flagship Tawke field in the Kurdistan region of Iraq. Four new production wells at Tawke, three of which targeted the shallow Jeribe reservoir and one the deeper Cretaceous reservoir, have added more than 10,000 barrels of oil per day (bopd) of production at the field. The Jeribe wells were drilled at a combined cost of USD 6 million and the Cretaceous well cost USD 7 million. Current field production averages just below 120,000 bopd. "With Tawke, it's not just about field size and production level but about capital efficiency," said DNO's Executive Chairman Bijan Mossavar-Rahmani, adding that the field is low cost, quick drill, high return and flexible. "We just drilled and completed a shallow well in ten days for less than USD 2 million that is now producing 3,000 barrels a day worth USD 3 million a month," he reported. "This is one for the Guinness Book of World Records," he said. Elsewhere in Kurdistan, the Peshkabir-2 well was spudded in early October to appraise the Jurassic reservoir and explore the Cretaceous horizon on a previous discovery to the west of the main Tawke field. The well is currently drilling ahead at 2,000 meters and is expected to reach target depth of 3,500 meters in January 2017. "We can't wait to take our foot off the brake at Tawke," said Mr. Mossavar-Rahmani. The Company will drill two new Cretaceous wells in the first half of 2017 and plans have been drawn up to mobilize a third rig and drill additional wells at Tawke and Peshkabir.  "But to proceed with significant new investments at Tawke, we need regular export payments from the Kurdistan Regional Government and a firm plan for repayment of the USD 1 billion in arrears to DNO," he added. While recent payments by the Kurdistan Regional Government for exports have been irregular and delayed, Tawke payments year-to-date have totaled USD 255 million, of which DNO received USD 184 million. DNO reported operating profits of USD 9 million during the third quarter on revenues of USD 49 million, bringing year-to-date operating profits to USD 33 million. The Company exited the quarter with a cash balance of USD 266 million, up from USD 238 million at 1 January 2016. DNO also stated that its July 2016 proposal to acquire Gulf Keystone Petroleum Ltd. has expired as certain conditions to the recent financial restructuring set by Gulf Keystone itself appear not to have been met. Given the resulting uncertainties about Gulf Keystone's asset, commercial outlook and future rights and obligations at the Shaikan field, and following a careful review of Gulf Keystone's latest reserves report, DNO is prepared to consider an all cash transaction but at a meaningful discount to the previous USD 300 million equivalent cash-and-shares offer. For further information, please contact: Media: media@dno.no Investors: investor.relations@dno.no Tel: +47 911 57 197 DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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