Niko Resources To Add 12% Interest To Holdings In Iraq Block

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
9MM
Description

To acquire 12% WI in Qara Dagh Block in Kurdistan region of Iraq.

Niko Resources (Kurdistan) Ltd., a subsidiary of Niko Resources Ltd., Calgary, (Toronto: NKO) plans to acquire a 12% interest in the Qara Dagh Block in the Kurdistan region of Iraq from Vast Exploration Inc., Calgary, (Toronto Venture: VST) for US$9 million.

Vast will use the funds to pay debt and for future expenses related to the deepening of the Qara Dagh well to 4,150 meters. Niko Resources retains 25% interest in the block.

Vast board member Ahmed Said says, “This is the first exploration well on the block, and it has thus far confirmed the presence of an active hydrocarbon system. The deepening program will target additional reservoir quality formations in the Cretacous, and we remain optimistic of the potential for a commercial discovery.”