Kurdistan and Iraq Oil Agreements

....It seems the future looks bright for Kurdish oil plays:

http://finance.yahoo.com/news/Iraq-Agreement-Made-With-bloomberg-1981391052.html?x=0&l=1

The accord will be approved by the Iraqi parliament’s Oil and Energy Committee as soon as it’s received, committee member Bahaa al-Din Ahmad was cited as saying in the Radio Free Europe/Radio Liberty article.

The agreement “neither undermined the powers of the central government nor undercut the rights of” the Kurdish authority, Ahmad said, according to the article.

Kurdistan includes three regions in the country’s north: Erbil, Dohuk and Suleimaniah, governed by an elected parliament and 19 government ministries overseeing everything from agriculture to education to tourism, according to the regional authority’s website.

The central government counts the Kurdistan Regional Authority as one of its 19 administrative divisions, according to the U.S. Central Intelligence Agency’s website.

The accord has ended the risk that foreign oil producers such as Exxon, Marathon Oil Corp. and Gulf Keystone Petroleum Ltd. (GKP) would be stripped of some oilfield projects as punishment for signing contracts in the Kurdish-controlled region, two people familiar with the talks told Bloomberg News yesterday.

Exxon, the world’s biggest company by market value, is the latest Western entrant into Kurdistan. Others include Vallares Plc, the explorer founded by former BP Plc Chief Executive Officer Tony Hayward, Afren Plc (AFR), Hess Corp., Murphy Oil Corp., Marathon Oil Corp. and Repsol YPF SA.

Niko Resources, Vast Exploration's partner - Podcast

Sampson, Niko CEO says they are at TD and ready to start testing:

http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3641440

Vast Explorations - VST, VSTFF - Under priced

Goombarh Flash 31,  August 29, 2011

Vast Explorations - VST,  VSTFF - Under priced

Good Morning,

Got this note from my friend Hardrock:

Hi friends,

Just posted on Vast forum.

Underpriced, based upon misunderstanding news release.

Just da way I see dat!

HardRock

============================

In case yas dinna understand ma previous post.
Niko is carrying Vast in this drilling.
Vast still owns 34.78% of this prospect.
The previous NR caused share price to tank.
This funny worded NR is hard to understand, but is supposed to clear the situation and allow the price to move back up.
Niko has already started drilling.
If you think, price is going down, stay away.  But da Rock thinks price is going to 50 cents soon.
Just da way I see dat!
HardRock
===================================CALGARY, ALBERTA--(Marketwire - August 29, 2011) - Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST -News) 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. "Niko has loaned Vast $9 million to use in funding the deepening of Qara Dagh."
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. "Vast will pay Niko a dollar amount equal to 12% of block value."
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.Da Rock concludes that Vast still owns 37.5% share and just owes some money to Niko.
What is not said, is the date of valuation of monies owing.  However, the key is still owning 37.5% share of Qara Dagh Well!
Just da way I see dat!
HardRock

Disclosure:  I am holding Vast Explorations already.

Marco G.

http://goombarhsedge.blogspot.com/

http://seekingalpha.com/author/marco-g/articles