Tuesday 18 October 2011

WesternZagros lands $46.6-million investment from Abu Dhabi's TAQA | CanadianBusiness.com

WesternZagros Resources Ltd. said Monday that it has landed a $46.6-million investment from the Abu Dhabi government's energy firm, providing the capital the junior explorer needs to drill for oil in Iraq's Kurdistan region.

With the backing of Abu Dhabi National Energy Co. — or TAQA —the Calgary-based junior can now meet its commitments to complete one well at Mil Qasim by year-end and another at Kurdamir by the middle of next year.

WesternZagros (TSXV:WZR) had previously warned it would need more money to complete its 2011 capital program and was prepared to tap equity markets later this year to fill the gap.
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