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 ( KRG ) 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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