Vast provided the following update on the Niko operated Qara Dagh Block in the Kurdistan Region of Iraq.
Qara Dagh-1 Well
The well has been drilled to a depth of 3,558 meters and a 7 inch, 35 lb/ft, L-80 liner has been successfully set to this depth. The previous casing point for the 9 5/8 inch casing was 2,522 meters.
During drilling of this interval, increased fluorescence and gas readings were observed. The interval has been logged and preliminary analysis by Niko Resources indicates possible prospective pay of up to 143 meters in the lower Tanjero and upper Shiranish formations. The Shiranish formation is the first primary reservoir to be penetrated. The top of this formation has been interpreted to be at 3,420 meters.
The current plan is to continue drilling deeper to a maximum depth of 4,200 meters with a 6 inch hole to continue evaluating the prospectivity of the Shiranish formation and, in the event we encounter encouraging results, the underlying formations. Niko Resources projects that the revised completion date for drilling, completing and testing of the current well is estimated to be June, 2011.
Extension of Exploration Period
The operator, Niko Resources, on behalf of the consortium partners, has applied to the Kurdistan Regional Government for a one year extension to the first exploration sub-period of the Production Sharing Contract to allow for the completion of drilling operations and the subsequent evaluation of results. Upon approval, the first exploration sub-period, including the one year extension, will continue until May 14, 2012.
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