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WesternZagros to Receive Insurance Claim for Failed Hasira 1 Oil Well in Iraqi Kurdistan

“The Hasira-1 well was safely suspended in the third quarter of 2015 and future options to utilize the well bore continue to be evaluated,”

WesternZagros Resources  has announced that it has received US$5.5 million from an insurance claim related to the drilling program for the Hasira-1 well in Iraqi Kurdistan, where testing of the well had to be prematurely terminated in early 2015 due to a considerable influx of reservoir formation debris plugging the tubing.

“The Hasira-1 well was safely suspended in the third quarter of 2015 and future options to utilize the well bore continue to be evaluated,” the company said in a statement.

Including the well insurance proceeds, the Company has approximately $32 million in cash and cash equivalents as of September 30, 2016.

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