Shares in both Talisman Energy Inc. and its junior partner WesternZagros Resources Ltd. rose Monday after they reported a high flow rate light oil well in Kurdistan.

“We are very excited to have found high quality oil with significant flow rates in the lower part of the Oligocene formation,” said Richard Herbert, Talisman executive vice-president of exploration, in a news release.



“We are preparing to test two additional zones in the oil leg over the coming weeks. Plans are underway to drill an appraisal well, Kurdamir-3, adjacent to this discovery, in early 2013.”



“Given the recent disappointments in the deeper Cretaceous and Eocene horizons, we would expect a material market reaction to this positive test result within the Oligocene reservoir horizon — the largest ‘prize’ within the Kurdamir structure,” he wrote.



The companies reported the test well recorded a maximum flow rate of 3,450 barrels of 38 API light oil and 8.8 million cubic feet per day of natural gas, with no formation water detected.



Talisman is operator of the block, with a 40 per cent working interest. WesternZagros also has 40 per cent and the rest is held by the Kurdistan regional government.