VST: New Arrangement

GAVIN WYLIE, Scotia Capital Inc. (07/16/2010)
"The new terms under which Vast has settled its capacity-building payment requirement with the KRG is accretive to our NAV given what would have been a massively dilutive issuance of 60M shares. . .We remain mindful of Vast's tight cash position ($15.7M) and place a high probability of an equity raise this year. That said, given the size of the overall prize and potential early test results (primary catalyst) in August, we still view the risk-reward trade-off as attractive today."

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