Vast Exploration has acknowledged the press release issued recently by Heritage Oil Corporation that the Miran West-1 exploration well in the Kurdistan Region of Iraq reached its targeted depth and encountered oil shows over an 1,100 meter interval including the three principal proven reservoir formations in the region.
Heritage announced that good quality light, sweet oil was recovered to surface indicating the presence of hydrocarbons in the three main producing zones: the Shiranish, the Kometan and the Quamchuqua reservoirs.
Vast and its partner Niko Resources Ltd. are currently conducting 2D seismic survey on the Qara Dagh Block which covers an area of approximately 846 square kilometers. The Qara Dagh Block is directly adjacent to Heritage's Miran block, which is directly to the North and Northwest of the block.
The first phase of the seismic survey on Qara Dagh Block is underway and is concentrating on the NW portion of the block which is closest to the Miran Block. Vast is encouraged by the announcement of the presence of hydrocarbons over a significantly large interval including the three main proven reservoirs. Vast and its partners are anticipating targeting the same reservoirs, among others, for drilling its first exploration well.
Ahmed Said, President and CEO of Vast Exploration, stated, "The news from Heritage on their Miran Block in the Kurdistan Region of Iraq is very positive. The indications of Hydrocarbons in the three main reservoirs provides an indication of decreased exploration risk on speculated drilling targets on our adjacent Qara Dagh Block."
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