Vast Sells 12% Interest in the Qara Dagh Block to Niko Resources and Retains 25% Interest. Funds to Be Used to Deepen the Cur...
15 Agosto 2011 - 9:00AM
Marketwired
Vast Exploration Inc.("Vast" or the "Company") (TSX VENTURE: VST)
announces that it has entered into a purchase and sale agreement to
sell 12% of the Company's interest in the Qara Dagh Block in the
Kurdistan region of Iraq to Niko Resources (Kurdistan) Ltd.
("Niko") for consideration of US$9,000,000. The funds will be used
by Vast to pay for outstanding amounts to Niko under a joint
operating agreement as well as to fund future expenses related to
the deepening of the Qara Dagh well to 4,150 meters. Vast plans to
host a conference call at 11:00 AM (EST) on Tuesday, August 16,
2011 to discuss the sale of the Company's 12% interest in the Qara
Dagh Block. To participate in the call please dial:
----------------------------------------------------------
Conference Call Dial-In Information
Date: Tuesday, 16 August 2011
Time: 11:00 AM EST
International Callers: +1 416 340 8018
Toll Free: 1 866 223 7781
Local Callers: 416 340 8018
----------------------------------------------------------
Mr. Ahmed Said, commented, "We are excited to have reached an
agreement with our partners to deepen the current well by 250
meters. This is the first exploration well on the block, and it has
thus far confirmed the presence of an active hydrocarbon system.
The deepening program will target additional reservoir quality
formations in the Cretacous, and we remain optimistic of the
potential for a commercial discovery".
The deepening of the Qara Dagh well has recently been approved
by the consortium partners, and the well is expected to be
completed, including any potential testing of the lower zones, by
early October 2011. All the production testing in the upper zones
have been completed and there were no commercial rates
achieved.
The purchase and sale agreement with Niko remains subject to the
receipt of all required approvals from the Kurdistan Regional
Government of Iraq and if necessary, the approval of the TSX
Venture Exchange.
The Company is also pleased to announce that Mr. Sig Slotboom
has been appointed President and Chief Executive Officer of Vast.
Mr. Slotboom will succeed Mr. Ahmed Said, who will continue to
serve as an executive consultant to the Company and remain on the
board of directors of Vast.
General Jay Garner, commented, "We would like to thank Mr. Said
for his services during his term as President and CEO. We are very
excited to welcome Mr. Slotboom as the new President and Chief
Executive Officer of Vast. The breadth and depth of Sig's
international experience will be of tremendous value to Vast's
objectives and its operations in Kurdistan."
Sig Slotboom is a Petroleum Engineer with over 30 years of
diversified technical and management experience in the upstream oil
and gas industry. Mr. Slotboom started his career at Exxon/Imperial
where he had a wide range of technical and business development
roles, including a foreign assignment in Norway to develop a major
offshore gas-condensate field. He has valuable experience in Iraq
gained in the mid 90's with Chauvco Resources where he played a
major role in leading the evaluation and negotiation of several
exploration and development/EOR projects. Recently, he has held the
position of Vice President Operations with Vast. In connection with
his appointment, Mr. Slotbloom has been granted 200,000 stock
options to purchase the same number of common shares of the Company
at a price of $0.16 per option exercised. The stock options, and
any shares issued on exercise thereof, will be subject to a four
month statutory hold period.
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, statements
with respect to the sale of the 12% interest to Niko, 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 public disclosure 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
(TSXV:VST)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
(TSXV:VST)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024