Niko Makes Oil Find at Qara Dagh Block

Vast Exploration provided the following update on the Niko-operated Qara Dagh Block in the Kurdistan Region of Iraq.

Drilling of the Qara Dagh well has reached a total depth of 3,908 meters, has been log evaluated and, as previously reported, the well has been cased to 3,558 meters with a 7 inch casing string. The following intervals have been evaluated where the results to date are summarized below.

Open Hole Interval - Shiranish Formation

This interval from 3,558 meters to 3,908 meters was acidized and flowed light oil confirming an active hydrocarbon column. The interval achieved maximum production rate of 550 barrels of oil per day and 800 mscf/d of gas, although these rates were not sustained for the entire duration of the test. The oil produced is 48 degrees API with no H2S.

From the data interpretation, and the significant spike in observed well bore pressures before the drilling was stopped, it is believed that the well has potentially entered into the first 10 meters of the next reservoir, the Cretacous aged Kometan formation, which is one of the primary target zones previously identified. It is important to note that the Kometan formation is regionally known to be a naturally fractured reservoir which has produced significant quantities of oil.

Mr. Ahmed Said, President & CEO, commented, "We are pleased with the recovery of light oil from this section. Although the reservoir quality appears to be naturally tight, the establishment of an oil column is significant. The possibility of drilling deeper to further evaluate production potential of the Kometan formation is currently under consideration."

Shiranish / Tanjero Interval

Certain sections in this cased interval was perforated and then acidized. The well had intermittent flow of light oil. The maximum rates achieved were 400 barrels per day of 42 to 47 API oil and 520 mscf/d of gas confirming a second active hydrocarbon system with no H2S.

Current Status and Forward Plan

The operator, Niko Resources, is currently in the process of testing the Aalijii Formation which consists of thick sequence of turbidities sand and argillaceous shales. While drilling this section in July 2010, it was reported that an increase in fluorescence, gas readings and free light oil in the mud system was detected.

Further, there are ongoing discussions between the consortium group to possibly deepen the well up to an additional 250 meters, subsequent to the completion of the current testing program. The primary purpose would be to drill deeper to further evaluate the production potential of the proliferous Kometan formation, the zone immediately below the Shiranish formation. Confirmation of the possibility and technical capability of re-entering the well and drilling deeper is expected over the next few weeks.


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