Groundsar Resources Ltd
International exploration and production of Oil & Gas.
Message: Completes 2D Seismic Acquisition
| January 27, 2009 |
| Groundstar Resources Completes 2D Seismic Acquisition |
| CALGARY, ALBERTA--(Marketwire - Jan. 27, 2009) - Kam Fard, Chief Executive Officer and Chairman of the Board of Directors of Groundstar Resources Limited (TSX VENTURE:GSA) ("Groundstar" or the "Company") is pleased to announce the completion of the 2D detail seismic program over five previously identified structures on the West Kom Ombo block in Upper Egypt. The contracted CGG-Ardiseis seismic crew acquired 27,999 VP's (700 line kilometers) in the period from September 14, 2008 to January 25, 2009. The data quality is significantly better than the legacy seismic previously acquired in the area. Preliminary seismic line stacks prove the existence of a thick, prospective sedimentary section and structures at the top of the Lower Cretaceous and deeper. It is anticipated that data processing will be complete by the end of March and interpretation of the subsurface will follow immediately. Groundstar is confident that several high potential prospects will be identified and could be ready to drill an exploratory well in the second half of 2009. Groundstar wishes to thank its Cairo staff for successful execution and supervision of the program in order to complete it within budget and contract specifications. In addition, the Company acknowledges the strong support of the Ganoub El Wadi Holding Company to expedite the necessary approvals and permits. Finally, Groundstar appreciates the commitment of CGG-Ardiseis to import a new seismic crew to Egypt for this program and compliments the management and crew on completion of the acquisition in very difficult terrain. Groundstar is a publicly traded Canadian junior oil and gas company actively pursuing exploration opportunities in Guyana, North Africa and the Middle East. |
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