WesternZagros Resources Ltd. (WZR), which works with Talisman at the Kurdamir block in Iraqi Kurdistan, added four cents to $1.08 on 2.65 million shares, after adding five cents on 6.07 million shares yesterday. There is good news in Kurdistan. The semi-autonomous government has started shipping oil independently of Baghdad through a new pipeline to the Turkish export hub of Ceyhan, with initial volume estimated at 300,000 barrels a day. According to Reuters, the oil is being stored for now and will not be exported without approval from Baghdad, expected later this month. Still, the completion of the pipeline is good news for Kurdish operators. The oil is coming from fields operated by London-listed Genel Energy and Norway's DNO. WesternZagros is not benefiting directly, but the idea is that as export deals progress, bigger companies will come in and acquire smaller players such as WesternZagros or ShaMaran Petroleum Corp. (SNM: $0.455). Neither company has released news since November, but both are expected to do so soon. WesternZagros has been developing the Garmian block, owned with Gazprom. It spudded the Hasira-1 well in June and the Baram-1 well in August, and expected results by the end of 2013. ShaMaran has been drilling the Atrush-4 well at its TAQA-operated Atrush block. It spudded this on Oct. 20 and said drilling would take 70 days, meaning until Dec. 29.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3a*MKTOIL-2136719&symbol=*MKTOIL®ion=C
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