Vast Exploration Provides Operational in Kurdistan

Source: www.gulfoilandgas.com 5/9/2011, Location: Middle East

Vast Exploration Inc. is pleased to provide the following update on the Niko Resources Ltd. operated Qara Dagh Block in the Kurdistan Region of Iraq.

Qara Dagh-1 Well
As previously reported, the well has been cased to a depth of 3,558 meters where a 7 inch liner has been successfully set to this depth. The company is pleased to report that drilling operations have resumed. The company expects that drilling and testing results will be available by the end of June or early July 2011.

Extension of Exploration Period
Also as previously reported, 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 which is progressing and we are awaiting formal approval notification.

First KRG Oil Export Payments
The company is pleased to report on the positive developments where Kurdish Regional Government (KRG) has confirmed the release of the first oil export payments to KRG contractors. The payment is part of the recent interim agreement on revenue distribution reached by the KRG with the federal Prime Minister Nuri al Maliki and the federal Ministers or Finance and Oil. This arrangement allowed for the resumption of oil exports from newly discovered fields in Kurdistan where oil is marketed by the State Oil Marketing Organization (SOMO) with a percentage of the revenues going via the KRG to the contractors to pay for exploration & development costs.

Mr. Ahmed Said, President and CEO, commented, “we are very pleased with these positive developments which should help pave the way for finalizing the federal oil and gas legislation and provide clear guidelines to the industry”.


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