SINGAPORE, Dec. 2, 2012 /CNW/ - The Richard Chandler Corporation ("RCC") today announced a CAD $73 million investment in WesternZagros Resources ("WesternZagros"), acquiring 15.21% of the company's issued and outstanding common shares.
WesternZagros is a Leader in the Vibrant Energy Sector in the Kurdistan Region
WesternZagros is a Canadian-registered company engaged in the exploration, development, and production of crude oil and natural gas. Incorporated in 2003 to focus on opportunities in Kurdistan, the company has been a leading player in the region. Led by an experienced operating and management team, RCC believes WesternZagros is strongly positioned in one of the largest underexplored onshore oil regions in the world.
In 2005, WesternZagros became one of the first companies to sign a Production Sharing Contract ("PSC") with the Kurdistan Regional Government ("KRG"). This agreement provided them access to one of the largest exploration areas (500,000 acres) on some of the most attractive terms available in the region - roughly as large as the giant and super-giant fields of the Kirkuk area.
According to the WesternZagros' most recent reserves report (from 31 May 2012), the combined Mean Prospective Resources of the company is 3.3 billion barrels ("Billion bbls") of oil, or 4.9 billion barrels of oil equivalent ("BOE") when gas and condensate are included. WesternZagros has discovered oil at all four of the wells that have been drilled and tested to date. They have also become a premier regional producer of high-quality oil, with more than 5,000 barrels per day.
Richard Chandler Corporation
RCC views its investment in WesternZagros as one that will help turn potential into long-term economic growth which will support the development of the Kurdistan region.
Richard Chandler, Chairman of RCC, remarked:
"The Richard Chandler Corporation believes in building and developing
world-scale companies, which make a significant contribution to their nation's people and economy. WesternZagros is a pioneer, one of the leaders in the development of an oil and gas industry in the Kurdistan Region of Iraq. The company is poised for significant growth through disciplined delivery of its strategy. Through their work, WesternZagros is bettering the lives of people in the region."
About the Richard Chandler Corporation
The Richard Chandler Corporation is an international business group founded by New Zealand-born entrepreneur Richard F. Chandler. The Richard Chandler Corporation builds and operates businesses in energy, consumer and financials, healthcare, and education, with operations in Asia and the Pacific, Africa, the Americas, Europe, and the Middle East. The Corporation's vision of Building Great Companies and Great Nations reflects its belief in the power of business to drive national prosperity. In all its work, the Corporation places a special emphasis on good corporate governance as a crucial element of business sustainability and increasing stakeholder value. More information about the Richard Chandler Corporation is available on its website at www.richardchandler.com.
SOURCE Richard Chandler Corporation
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