Iraq: Qara Dagh interests shift, well to be deepened

By OGJ editors

Niko Resources Ltd. will buy a further 12% interest in the Qara Dagh block in Iraqi Kurdistan from Vast Exploration Inc. for $9 million and the three partners plan to deepen the Qara Dagh well by 250 m to 4,150 m.

Vast will use the $9 million to pay for outstanding amounts due Niko under the joint operating agreement and to fund future expenses related to the well deepening. Interests after the transaction are Niko 49%, Vast 25%, Groundstar Resources Ltd. 6%, and the Kurdistan Regional Government 20% carried.

The well, the first exploratory well on the block, has confirmed the presence of an active petroleum system on the block but failed to establish commercial rates in the upper zones. Deepening will target other Cretaceous reservoirs.

Related Articles

Tethys reports second successful gas well in Kazakhstan

03/20/2014 Tethys Petroleum Ltd. reported the success of the second shallow gas exploration well of its 2014 program on the Akkulka block in the Caspian regio...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/19/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

CNOOC makes gas discovery in Qiongdongnan basin

03/19/2014

CNOOC Ltd. has made a natural gas discovery in the east Lingshui Sag of the deepwater area in the South China Sea’s Qiongdongnan basin.

Cairn, FAR to drill exploration wells offshore Senegal

03/19/2014

FAR Ltd., Perth, will participate in the drilling of two deepwater exploration wells offshore Senegal next month.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected