UPDATE: Vast Exploration Drops 60%, Hits New Record Low After Qara Dagh Update
Vast Exploration Inc. (VST.V) is still down 60 per cent and has hit a record year low of 4 cents with 3.4 million shares traded on the TSXV after announcing that the company has concluded operations at the Qara Dagh 01 exploration well.
It said 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 metres east of the anticlinal core. It added: "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. "
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