Shares in Vast Exploration jumped 16% on Friday after giving the following update on its operations in Kurdistan:
– The Qara Dagh -1 well was spud on 12 May 2010 with a planned total depth of 3,600 to 4,000 meters.
– As previously reported, the well encountered a 64 meter thick Aalijii zone, potentially containing light oil. Testing on this zone and other prospective zones of interest will commence after reaching total depth and upon completion of the drilling operations.
– After setting the 13 3/8 inch casing string at 1,650 meters, the well was drilled through an unexpected unstable zone to a depth of 2,239 meters in the upper Cretaceous formation. This zone has caused delays in the drilling progress; however, the Company does not expect this issue to persist once it enters the first potential reservoir.
– Currently the plan is to install an intermediate 11 3/4 inch casing string and the subsequent go-forward plan is to drill ahead and evaluate the three primary targets in the Cretaceous zone, with the Shiranish formation being the uppermost prospective reservoir.
– Drilling for Qara Dagh-1well is anticipated to be completed in January 2011.
– Given the recent financing completed on October 18, 2010 the Company is fully funded to see the drilling program to completion.