Vast Exploration (VST.V) is down 67% to a record low of half a
cent today. More than 1.3 million shares have changed hands.
The company announced this morning that, along with its
consortium partners Niko Resources Ltd. and Groundstar Resources
Inc., it has entered into a relinquishment and termination
agreement with the Kurdistan Regional Government (
) to surrender their collective interests in the Qara Dagh Block
located in the Kurdistan Region of Iraq. Vast acquired a working
interest in the block under a production sharing agreement signed
in 2009. During the first exploration period, the operator, Niko
Resources, conducted a seismic program and drilled one exploration
well, which was not commercially successful. Subsequently, an
extensive process was undertaken by the operator to find a suitable
farm-in partner, which was ultimately unsuccessful.
Vast expects to recover a net amount of US$ $3.25 million within
the next 12 months.
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