March 15, 2017 / 11:59 AM / 4 months ago

BRIEF-Westernzagros sees 2017 revenue $17 mln to $22 mln

2 Min Read

March 15 (Reuters) - Westernzagros Resources Ltd:

* Westernzagros announces 2016 fourth quarter and year end results

* Sees FY 2017 revenue $17 million to $22 million

* Westernzagros Resources Ltd - in 2017, company anticipates average daily productive capacity of sarqala-1 will range from 4,500 bbl/d to 5,000 bbl/d

* Westernzagros Resources Ltd - qtrly revenue $4.9 million with an average realized price of $38.37/bbl

* Westernzagros Resources Ltd - sarqala-2 well is anticipated to spud in q3 of 2017

* Westernzagros Resources Ltd - estimates spending approximately $35 million in 2017 to operate sarqala production operations, among others

* Westernzagros Resources - final investment decision on sarqala-2 well is planned for Q2 with estimated cost net to company of $25 to $30 million

* Westernzagros Resources- co anticipates it is fully funded for currently planned activities for next twelve months (excluding drilling of sarqala-2)

* Westernzagros announces 2016 fourth quarter and year end results Source text for Eikon: Further company coverage:

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