The Rigzone clip.Just in case anyone missed it. Last Paragraph mentions Oil Seeps - but not that it is where the term Black Mountain comes from?
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The Qara Dagh Block
Vast Exploration has a 37% interest in the Qara Dagh Block. The Company obtained a 27% interest pursuant to a production sharing contract signed in 2008 with the Kurdistan Regional Government and holds an additional 10% interest in the Qara Dagh block subject to the issue of 60,000,000 Vast common shares in accordance with the directions of the Kurdistan Regional Government. A 354 kilometer 2D seismic program was completed in June 2009 and plans have been finalized to spud the first exploration well in March 2010.
The block covers 846 square kilometers and has a large linear surface anticline, which is on a similar trend as the existing oil fields in northern Iraq and the more recent discoveries in Kurdistan at TaqTaq and Miran. Data processing and interpretations have been completed and integrated with regional and surface geological models. Three main prospects, which correspond to the three domes on the surface structure, have been confirmed by seismic mapping.
The Qara Dagh Block is located in the prolific Zagros foldbelt which extends from southern Turkey across northern Iraq and into southwest Iran. Large anticlinal structures, which formed during collision and formation of the Zagros Mountains, contain giant and supergiant accumulations of oil. The large surface structure on the block is known as Qara Dagh Mountain ("Black Mountain" in Kurdish) and is a prominent anticline which rises as high as 600 meters above adjacent valley floors. This 65 kilometer by 5 kilometer feature has steeply dipping limbs and an exhumed central valley which exposes progressively older stratigraphy towards the anticlinal core. The Eocene and Paleocene Pila Spi, Gercus and Sinjar formations of lower Tertiary age extend along the interior slopes of the mountain and the central valley is covered by the Paleocene Kolosh shale.
The subsurface structure is characterized by a large thrust fault, which extends along the length of the southern limb of the surface anticline, and a large fault bend fold in the overthrust section which is comprised of Cretaceous, Jurassic and Triassic strata.
There has been no prior oil exploration on the Qara Dagh Block and the entire Kurdish area of northern Iraq was virtually unexplored until the Kurdish Regional Government issued new exploration contracts in 2007. To the southwest, the supergiant Kirkuk Field was among the first discoveries in Iraq. Kirkuk and other major fields such as Bai Hassn, Jambur and Kor Mor produce mainly from Tertiary reservoirs; however, to the northeast these formations lose prospectivity as intense deformation has caused the Tertiary formations to be exposed on the land surface. This deformation has resulted in highly fractureds subsurface structures formed by the deeper Mesozoic formations. As a result, the main reservoirs at TaqTaq and Miran are formed by the Cretaceous Shiranish, Kometan and Qamchuqa Formations.
Extrapolation from nearby oil fields, recent discoveries and the seismic interpretations indicate seven potential reservoirs on the Qara Dagh structure. Fractured carbonates in the Cretaceous Shiranish, Kometan and Qamchuqa/Balambo Formations are prospective under the Kolosh shale seal and above a rich oil source rock in the Sarmord Formation. The Jurassic Alan, Mus and Butmah Formations are sealed by upper Jurassic anhydrite and charged by the Sargelu Shale which forms a regional oil source rock. Few wells have been drilled into the Triassic; however, the Kurra Chine is productive elsewhere in Iraq and could contain oil or liquids-rich gas at Qara Dagh.
The Company believes that proximity of the Qara Dagh Block to recent discoveries at TaqTaq and Miran and the presence of oil seepages on the block make the Qara Dagh structure a low risk prospect with the potential for the discovery of large oil reserves.
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I like that last paragraph! <wink>
Talk of AGM's being boring - I have been to many here in Calgary and some may be a little dry but if you are someone who knows how to schmooze it is amazing what little tidbids of information can be teased out. sure nothing hugely earth shattering or truly confidential is ever leaked but body language can tell volumes sometimes.
All AGM's have the Boiler Plate formal sessions - these last from 5-15 minutes depending on the size of the company and the complexity of issues to be addressed. This is always followed by an informal session during which someone gets the honour of doing the Power Point slide from the latest (or newer) presentation. Then there is a question and answer portion where a skilled questioner can either get confirmation of something interesting - or by asking a tricky question watch just how the answer is handled to see how management reacts. Then there is a chance to speak to management individually over coffee and cookies or snacks (sometimes even a full wine and cheese buffet!) during which time at least some further questions and chatter can be indulged - some of which can be very illuminating. If an AGM is truly boring - it is more because no one is able or willing to ask the intrigueing or difficult questions than it is because nothing useful is ever said...
I am sorry to hear nothing new from the "Front Lines" - that is disappointing - but news if available cannot be released without all parties being onside and releasing it at the same time to all investors - Right?
GS