Vast Provides Update on Qara Dagh Exploration Well

Source: www.gulfoilandgas.com 9/29/2011, Location: Middle East

Vast Exploration Inc. announces that the Company has concluded operations at the Qara Dagh 01 exploration well. The well has been drilled to a total depth of 4,196 meters, the maximum depth possible with current drilling equipment, ending in the basal section of the Upper Cretaceous Shiranish Formation. Open hole image logs have positioned the well on the North East structural flank of the Qara Dagh anticline, approximately 400 meters east of the anticlinal core.

Oil shows have been encountered over a gross column of roughly 955 meters and open hole drill stem tests were conducted in the Shiranish Formation with cased hole tests completed in the overlying Upper Cretaceous Tanjero Formation. All zones after acid stimulation successfully tested light sweet gravity oil (ranging from 43 to 46API @ 60 degrees F) but at non-commercial flow rates. Reservoir permeability and encountering low fracture densities are the principal causes for poor flow rates.

Testing operations have been completed at the Qara Dagh 01 well. Testing equipment is in the process of being removed and the well will be left in a condition such that the partners have the option to re-enter the well at a future date. Various re-entry scenarios including extending the well's total depth or drilling a deviated sidetrack well are being considered. Furthermore, the operator is currently scouting potential locations at the north end of the Qara Dagh anticline for a second well expected to spud in 2012. The next well is expected to target the main Kometan and Qamchuga formations in the Cretaceous. The Qara Dagh block contains a large surface anticline with several major prospective horizons.

Sig Slotboom, President and CEO of Vast commented, "The current well has established a substantial oil hydrocarbon column in the upper Cretaceous. All the geological and geophysical data gained in the current well will be integrated to establish the best location on the structure for the next well to attempt to access prolific reservoirs in the lower Cretaceous. Vast and its partners remain committed to the exploration of the Qara Dagh block".


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