In case you missed thisVast Exploration to spud first Qara well in Q1 2010
2009-11-02 09:01 ET - News Release
Mr. Ahmed Said reports
VAST EXPLORATION INC.-PROVIDES OPERATIONAL UPDATE
VastExploration Inc. has provided an operational update with regard to itsexploration activities on the Qara Dagh block in the Kurdistan regionof Iraq.
As previously announced, in June, 2009, the consortiumsuccessfully completed the acquisition of 355 kilometres of 2-D seismicprogram over the surface structure that dominates the block. Theseismic data were subsequently processed, interpreted and integratedwith surface and regional geologic models. Three main prospects wereidentified along the Qara Dagh structure as three subsurfaceculminations that extend across multiple horizons. The primaryprospective reservoirs have been identified as the main carbonatesequences in the Cretaceous as well as underlying Jurassic and Triassicsections.
Based on the seismic data, three well locations werealso identified. The central feature, the Qara Dagh dome, being thelargest structure, was selected for the drilling of the firstexploratory well. It is planned that this well will be drilled to adepth of 4,000 metres and could encounter up to eight potentialreservoirs. The first exploratory well is anticipated to be spudded inthe first quarter of 2010.
An invitation to tender has beenissued to 12 drilling contractors. After technical and commercialevaluation, a company with existing operations in the region wasselected to mobilize a 2,000-horsepower (HP) rig to the block fordrilling of one firm well and three optional wells. Contracts for longlead items have been awarded and well site construction is under way.Additionally, contracts for drilling support services have beentendered, evaluated and finalized with various service companiesoperating in the region.
The consortium is in the process ofobtaining an independent 51-101 prospective resource estimate for theQara Dagh block which is expected to be completed in December, 2009.
AhmedSaid, president and chief executive officer, stated: "We and ourpartners are making rapid progress towards the spudding of the firstexploration well on the Qara Dagh block. The preparations are at anadvanced stage and we expect the well to be spud on time during thefirst quarter of 2010."