Vast Shares Plunge on Unsteady Output at Iraq Well

Source: Reuters 7/11/2011, Location: Middle East

Shares of Canada's Vast Exploration Inc plunged 60 percent in morning trade after the company said it was unable to maintain the production rate at a well in Iraq during a test. Shares of the Calgary, Alberta-based Company were trading down at 20 Canadian cents on the Toronto Venture Exchange. It was the most heavily traded stock on the exchange, with over a million shares changing hands.

Shares of Niko Resources Ltd, which operates the Qara Dagh well, were down slightly at C$63.19 on the Toronto Stock Exchange while shares of Groundstar Resources Ltd , which has a 6 percent beneficial interest in the block, dived 30 percent to 21 Canadian cents, on the Toronto Venture Exchange.

Vast Exploration, which holds a 37 percent working interest in the Qara Dagh block, said the well produced a maximum of 550 barrels of oil per day and 800 thousand standard cubic feet per day of gas, although these rates were not sustained for the entire duration of the test. Vast Exploration said the well, drilled to 3,908 meters, could be deepened to an additional 250 meters at the end of the current testing.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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