Vast Enters Into Financing Agreement With Niko Resources for Qara Dagh Block. Funds to Be Used to Deepen the Current Well and...
29 Août 2011 - 2:00PM
Marketwired
Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE: VST)
announces that it has entered into an Encumbrance for Financing
Agreement ("Financing Agreement") with Nikoresources (Kurdistan)
Ltd. ("Niko") in regard to the Qara Dagh Block in Kurdistan. Under
the terms of the Financing Agreement Niko will provide financing of
US$9,000,000 to be used by Vast to pay outstanding amounts to Niko
under a joint operating agreement as well as to fund future
expenses related to the deepening of the Qara Dagh well to 4,150
meters. Niko will, additionally, provide financing to Vast in
regard to 34.78% of Vast's share of the cost of all operations
going forward. In return, Vast will have the obligation, in the
event that a commercial discovery is made and produced, to pay Niko
an amount equal to the net proceeds of sale associated with an
undivided 12% interest in the Qara Dagh Block. Such financing
arrangements have been put in place pending Kurdistan Regional
Government approval of the sale by Vast to Niko of an undivided 12%
interest in the Qara Dagh Block.
The Financing Agreement with Niko remains subject to receipt of
approval, if necessary, of the TSX Venture Exchange.
About Vast Exploration
Vast Exploration Inc. is an independent oil and gas company.
Vast is focused on the exploration and development of its principal
asset, the Qara Dagh Block, in the Kurdistan region of Iraq. The
Qara Dagh Block lies on trend with existing discoveries and is
located in the prolific Zagros Fold Belt of Northern Iraq, which
contains several large fields including the super-giant Kirkuk
field.
Regulatory Statements
This press release contains "forward looking information" within
the meaning of applicable Canadian securities legislation. Forward
looking information includes, but is not limited to, statements
with respect to the Financing Agreement with Niko, the prospective
nature of the Qara Dagh Block, the drilling program and revised
timeline for completion, exploration and development plans and
projected expenses and timetable, and relationships with other
companies who hold an interest in the Qara Dagh Block. Generally,
forward looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information. For a description of some of such
risks, please see the Company's annual information form filed under
the profile of the Company on SEDAR. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Vast Exploration Inc. Sig Slotboom President and CEO
+1 (403) 441 1173 sslotboom@forbesenergygroup.com
(TSXV:VST)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
(TSXV:VST)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024