logo-loader

WesternZagros Resources Ltd makes further cost-saving changes

Last updated: 10:42 24 Mar 2016 EDT, First published: 06:42 24 Mar 2016 EDT

MadagascarOil-(Resized)
The firm unveiled measures to reduce costs and refocus....

WesternZagros Resources Ltd (CVE:WZR) unveiled further measures to reduce costs and refocus as a co-venturer in developing blocks in the Kurdistan region of northern Iraq, including closing offices there.

It will however continue its support of the operator's activities on both blocks, it said.

It has also reduced the work force in Calgary. Michael Tinkler, vice-president of exploration and reservoir development,  and Bill Jack, vice-president and general manager, Kurdistan, have left the company.

Meanwhile, Grant Harms, petroleum veteran anbd general manager of operations, and Bruce Garland, managing director of drilling and completions, have joined the senior management team.

Simon Hatfield, the group's chief executive, said: "Michael and Bill have been important members of our company's management and, on behalf of the entire WesternZagros organisation, I want to thank them for their years of service. We wish them well with their future endeavours."

Earlier in the month, Hatfield said: “We continue to work with both our joint venture partners and the Kurdistan Regional Government in finalizing the field development plans for our Kurdamir and Garmian discoveries.

"We also continue our cost savings initiatives to strengthen our financial position during this period of uncertain market conditions.”

The company also told investors that it was reviewing all financing options - including but not limited to: alternative debt financing, equity financing, a ‘farm-out’ or even the sale of assets.

Poseidon Nickel signs binding agreement with Mineral Resources to divest...

Departing Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) CEO Craig Jones and incoming CEO Brendan Shalders join Proactive’s Jonathan Jackson to discuss the divestment of Lake Johnston to Mineral Resources Ltd (ASX:MIN). Jones, who has played a pivotal role in this strategic move, shared insights on...

1 hour, 49 minutes ago