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Westernzagros Resources Ltd
April 2012 Corporate Presentation
| Simon Hatfield | Page 9 of 11 |
July 24, 2014
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"Westernzagros Resources Ltd "
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Financial Position: Forecast to end Q2 2012 9 1. WesternZagros has completed $25.9 million of sales under Extended Well Testing to March 31, 2012. 2. Includes 100% of Garmian costs. Upon assignment of the outstanding Third Party Interest in the Garmian Block by the Kurdistan Regional Government, the new party will be required to repay to WesternZagros their share of costs related to the Garmian expenditures. Based on 2011 and H1 2012 spending, this is estimated to be approximately $55 million. W o rking C a p ita l P o sitio n ( as a t Dec e mb e r 31, 2 0 1 1 ) Ca sh an d Sho r t Ter m Invest m ents 7 4 . 5 Non - Ca sh W or k i ng Cap i t al ( in c lu d in g t ra d e a n d o t h er p ayab l es) ( 3 3 . 5 ) W o rking C a p ita l 4 1 . 0 Estimated Pro c ee d s fro m Exte n d ed W ell Test H 1 2 0 1 2 Sal es 1 ( ap p r o x imat e 5, 00 0 b b l / d p ro d u c t ion r at e) 5 2 . 0 Oper at i ng Ex pense ( 8 . 0 ) Ne t Proc eeds 4 4 . 0 Cap ita l a n d Op era ting Bu d get H 1 2 0 1 2 Dril l i ng an d Relat e d Oper at i ons 4 - Garmian 2 2 6 . 0 - Kur da mi r 3 5 . 0 Fiel d Of f i ce an d PSC - Re l at ed Exp endi t ure s 4 . 0 G&A, Busin e ss Dev elopment an d Ot h er 3 . 0 To tal Bud get 68 .0