Vast Provides Update on the Qara Dagh Exploration Well
30 9월 2011 - 5:30AM
Marketwired
Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE: VST)
announces that the Company has concluded operations at the Qara
Dagh 01 exploration well. The well has been drilled to a total
depth of 4,196 meters, the maximum depth possible with current
drilling equipment, ending in the basal section of the Upper
Cretaceous Shiranish Formation. Open hole image logs have
positioned the well on the North East structural flank of the Qara
Dagh anticline, approximately 400 meters east of the anticlinal
core.
Oil shows have been encountered over a gross column of roughly
955 meters and open hole drill stem tests were conducted in the
Shiranish Formation with cased hole tests completed in the
overlying Upper Cretaceous Tanjero Formation. All zones after acid
stimulation successfully tested light sweet gravity oil (ranging
from 43 to 46API @ 60 degrees F) but at non-commercial flow rates.
Reservoir permeability and encountering low fracture densities are
the principal causes for poor flow rates.
Testing operations have been completed at the Qara Dagh 01 well.
Testing equipment is in the process of being removed and the well
will be left in a condition such that the partners have the option
to re-enter the well at a future date. Various re-entry scenarios
including extending the well's total depth or drilling a deviated
side-track well are being considered. Furthermore, the operator is
currently scouting potential locations at the north end of the Qara
Dagh anticline for a second well expected to spud in 2012. The next
well is expected to target the main Kometan and Qamchuga formations
in the Cretaceous. The Qara Dagh block contains a large surface
anticline with several major prospective horizons.
Sig Slotboom, President and CEO of Vast commented, "The current
well has established a substantial oil hydrocarbon column in the
upper Cretaceous. All the geological and geophysical data gained in
the current well will be integrated to establish the best location
on the structure for the next well to attempt to access prolific
reservoirs in the lower Cretaceous. Vast and its partners remain
committed to the exploration of the Qara Dagh block".
About Vast Exploration
Vast Exploration Inc. is an independent oil and gas company.
Vast is focused on the exploration and development of its principal
asset, the Qara Dagh Block, in the Kurdistan region of Iraq. The
Qara Dagh Block lies on trend with existing discoveries and is
located in the prolific Zagros Fold Belt of Northern Iraq, which
contains several large fields including the super-giant Kirkuk
field.
Regulatory Statements
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to, the
prospective nature of the Qara Dagh block, the drilling program and
revised timeline for completion, exploration and development plans
and projected expenses and timetable, and relationships with other
companies who hold an interest in the Qara Dagh block. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information. For a description of some of such
risks, please see the Company's annual information form filed under
the profile of the Company on SEDAR. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Vast Exploration Inc. Sig Slotboom President and CEO
+1 (403) 441 1173 sslotboom@forbesenergygroup.com
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