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  • WesternZagros Starts Production At Sarqala-1 Well In The First Quarter Of 2015

    WesternZagros (CVE:WZR) started producing and selling oil from the Sarqala-1 well at its Garmian Block in the first quarter of 2015.

    Production began last February at a rate of 5,221 barrels of oil per day (bbl/d). The company realized net sales of 68,997 barrels, generating revenues of US$2.9 million for the three months of the year.

    The average realized price per barrel was US$41.74 and field netback was US$1.9 million.

    Gross sales were 255,807 bbl and the company has expects gross production from Sarqala-1 to fall in the range of 5,700 to 6,700 bbl/d for the remainder of 2015.

    WesternZagros has a healthy balance sheet, ending the first three months of the year with US$158.6 million in cash and cash equivalents as well as an additional US$200 million from an undrawn credit facility.

    Other operational highlights included the preparation of the next development well at the Sarqala oilfield, including long lead equipment for the next development well on the Sarqala oilfield, which is anticipated to spud pending approval of the Garmian Development Plan by Kurdish regional authorities (NYSE:KRG) in accordance with the terms of the production sharing contracts (PSC).

    The Garmian Development Plan was submitted to the KRG on June 19, 2014 and WesternZagros has worked closely with the KRG on plans for the construction of a natural gas plant close to the existing oil facilities.

    The Hasira-1 well was suspended because the cased-hole testing program proved to be unsuccessful in the high pressure Mio-Oligocene oil reservoir.

    But WesternZagros did manage to improve the Sarqala production facility, allowing for processing capacity to increase 50%, from 10,000 to 15,000 bbl/d with the capability to tie in future development wells, highlighting the company's progress in the first quarter of 2015:

    "The first quarter of 2015 was a significant transition point for WesternZagros as we initiated light oil production, commenced sales into the domestic market and generated cash flow from our Sarqala-1 well. As the well and surface facilities are optimized, we expect Sarqala-1 to produce up to 6,700 bbl/d on a sustained basis. We also plan to grow this production with our next development well at Sarqala pending approval of the Garmian Development Plan. Should the current oil sales arrangement continue, cash flow generated from production will help support our development program as we progress towards a planned production rate of 35,000 bbl/d for the field," said WesternZagros's CEO, Simon Hatfield.

    For the remainder of this year, the company can count on its capital flexibility to remain operational, navigating through the challenges of lower oil prices and geopolitical uncertainties:

    "We will continue to strengthen our internal operations management, exercise strict cost control, and enhance efficiency to proactively respond to low oil prices through the prudent advancement of various production and operational plans. We are continuing negotiations with our co-venturer and the KRG on the Kurdamir Development Plan - approval of both the Sarqala and Kurdamir field development plans are key value driving events to our Company," Hatfield said.

    WesternZagros is a Canadian oil and gas explorer that is successfully exploring and developing crude oil and natural gas resources in the Kurdistan region of Iraq.

    The company said that its current sales volumes have been constrained by domestic market transportation limitations, which suggest that gross production from Sarqala-1 will remain in the range of 5,700 to 6,700 bbl/d for the remainder of 2015.

    Production from Sarqala-1 will support additional expansion that targets production of 35,000 bbl/d in the Garmian Block over the course of the planned development period.

    Results generated by the drilling of Sarqala-1 in the Garmian Block, and Kurdamir-1 on the Kurdamir Block, indicate that the two Blocks cover an estimated 2.2 billion BOE of unrisked Prospective Resources (Gross Block combined Mean estimate) remaining for future appraisal and development.

    The Kurdamir and Garmain Blocks cover 2,120 square kilometres, and are among the largest exploration areas that were granted by the Kurdistan Regional Government to any entity.

    WesternZagros is the operator and holds a 40% interest in the Garmian Contract Area that covers 1,780 square kilometers; and holds a 40% interest in the Kurdamir Contract Area that covers 340 square kilometers and had Talisman Energy(NYSE:TLM) (TSE:TLM) as operator. But, on May 8, 2015, Talisman was acquired by Spain's Repsol SA.

    The Kurdistan Regional Government retains a 20% working interest in both Blocks and discussions are ongoing between WesternZagros, Talisman and the KRG regarding the development plan to advance the Kurdamir discovery into production.

    At the Kurdamir discovery, the company has predicted unrisked contingent Resources of 541 million bbl and prospective resources of 1.3 billion barrels of oil. While the Kurdamir deliberations proceed, operations on the Block have been suspended and the reserves have not yet been recognized by a qualified independent reserves evaluator.

    Kurdistan is part of the federal State of Iraq but independent enough to have become a rare success. The autonomous region is prosperous, secular and pro-Western and the region is aiming for greater independence.

    Kurdistan is sitting on 55 billion barrels of oil; a quarter of Iraqi reserves and produces 200,000 barrels a day, unofficially avoiding consultations with Baghdad on signing contracts with foreign companies or selling its crude on the international market. Increasingly, the region acts as a de facto state.

    In February 2014, Canada opened its first trade office in Iraq in Erbil, Kurdistan's regional capital, rather than Baghdad but in Erbil. The location was chosen to support Canadian oil companies like Talisman and WesternZagros.

    Shares of WesternZagros were trading down 3.13 percent today.


    May 22 4:31 PM | Link | Comment!
  • Ticketmaster To Use ARHT Holographic Technology In Entertainment And Retail Venues

    ARHT Media (CVE:ART) (OTCQB:ARHTF) has partnered with Ticketmaster Canada to showcase the ARHT's Augment Reality Holographic Technology Platform in entertainment and retail venues, starting at the MTS Centre in Winnipeg, Manitoba and at Canadian Music Week in Toronto, Ontario.

    Ticketmaster is part of Live Nation Entertainment, the world's leading live entertainment company, which held over 20,000 events, sold over 150 million tickets, generating close to C$7 billion in revenue last year.

    "The MTS Centre and Canadian Music Week are the start of an exciting relationship that will demonstrate ARHT's robust technology across a number of events, venues and retail settings," said Ticketmaster Canada's Chief Operating Officer, Patti-Anne Tarlton.

    ARHT's patent pending Augment Reality Holographic Technology technology involves multi-plane visualization, synchronized to display a HumaGram and virtually any object or scene in 3D with HD clarity without the need for special glasses.

    This allows ARHT to create digital human holograms known as HumaGrams, offering customized applications.

    "ARHT is pleased to be working with entertainment leader Ticketmaster Canada, whose commitment to providing so many fans access to virtually every event in the nation has transformed the Canadian fan experience. We are excited to see our technology deployed across a number of entertainment and retail applications in key areas where engagement, data capture and analytics are missing today. Our goal is to drive increased engagement across promotion, advertising and fan monetization using our robust data capture and real-time analytics to intelligently drive a targeted user experience in some of the biggest and best venues across Canada."" said ARHT Media's CEO, Paul Duffy.

    In March, the Toronto-based ARHT unveiled a new line of digital display products called ARHT TV, allowing users to conduct business and have interactive experiences with the company's HumaGrams, anywhere a standard LCD TV can be used.

    ARHT's ground breaking HumaGram platform can generate celebrity holograms that can be placed in window displays and other high traffic destinations, drawing customers into a region of proximity, offering a unique experience.

    HumaGrams can deliver a message on a particular product tilted towards the viewer's level of interest, then offer up the ability to buy the product right there on the spot through a QR code, an SMS text or side load of a coupon to the retailer's mobile app on a smartphone.

    The early stage company has achieved a number of milestones lately, having amassed a board of advisors which boasts a myriad of household names including Paul Anka, Larry King, Jason Bateman, Richard Bronson, Michael Buble, Carlos Slim, Kevin O'Leary and entertainment manager Irving Azoff. In December, ARHT unveiled its first big retail partnership with Harry Rosen, one of Canada's largest menswear retailers, to create its first-ever human hologram named Vincent.

    May 21 4:20 PM | Link | Comment!
  • Automotive And Aerospace Painting Systems Producer Orders MagneGas2(R)

    Shares of MagneGas (NASDAQ:MNGA) continue to rise, trading 8.78 percent higher this morning, as a major painting systems producer has ordered a prompt supply of MagneGas2(NYSE:R) upon viewing a demonstration of its capabilities.

    MagneGas said in a statement that the new buyer, which produces large paint booths and other ancillary systems for the automotive and aerospace industries with in the U.S. and Mexico, will start using the MagneGas2(R) at its Michigan location.

    "We continue to be amazed at the number of companies that have contacted us for MagneGas2 demonstrations. Each company has indicated they are impressed with the quality and speed of our cut and the safety features of the fuel. In the industrial gas business, everything starts with the first order, particularly with a new innovative product such ours. We are confident that this will provide a significant foundation for expansion opportunities," said MagneGas's CEO, Ermanno Santilli.

    The reputation of the Tampa, Florida based company) is growing rapidly, attracting interest from an ever more diversified group of new and potential customers, after earning the trust of the Central Florida Fire Rescue Department and the US Navy.

    Officials from the painting company saw the demonstration on May 19, praising the speed and quality of the cut made possible by MagneGas2(R), wasting no time in placing a supply of the fuel.

    MagneGas, which has a proprietary technology that converts liquid waste into hydrogen-based fuel, said it believes the fire-rescue market is an ideal end-user of its special fuel as a replacement to acetylene because it is much cleaner and faster.

    MagneGas's process to convert liquid waste into its hydrogen-based fuel involves the flow of carbon-rich liquid feedstock through a 10,000 degree Fahrenheit electric arc between two carbon electrodes. The process sterilizes the liquid waste, which can include anything from manure or sludge to medical waste, and produces the hydrogen-based fuel, which also contains carbon and trace gases.

    The US patented hydrogen-based gas is cheaper, uses 34 percent less oxygen and also dissipates into the air quickly in the event of a leak unlike acetylene, which pools on the ground, creating a major risk for an explosion. Features also include a smaller heat-affected zone, better stability and a lighter fuel composition.

    May 21 4:11 PM | Link | Comment!
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