Groundsar Resources Ltd

International exploration and production of Oil & Gas.


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Message: Re: NR spud 1st well Dagh 1

May 12, 2010 10:05AM

Groundstar Resources Limited Provides Update on Exploration Well In Kurdistan Region-Iraq

CALGARY, ALBERTA--(Marketwire - June 14, 2010) - Groundstar Resources Limited (TSX VENTURE:GSA) is pleased to provide the following update on its operations in Kurdistan Region – Iraq. The Qara Dagh Well was spudded on 12 May 2010 with a planned TD of about 4,000 meters. An 8 ½" pilot hole was drilled to 686 meters. The well diameter was subsequently opened up to 26". According to the well plan, a 20" casing was set and cemented at 686 meters.

As of June 12, an 8 ½" pilot hole is being drilled at 1,313 meters which the operator believes to be the Tanjero horizon, above three prospective Cretaceous formations. In anticipation of complex drilling conditions encountered in the area, the 8 ½" pilot hole will subsequently be enlarged according to the well design.

The three prospective Cretaceous formations, namely Shiranish, Kometan and Qamchuga, are expected to be covered by multiple casings and will be Drill Stem Tested on penetration upon positive drilling and geological indications.

Drilling of Qara Dagh-1 is expected to take an additional three months to complete and will target up to seven potential reservoirs in the Cretaceous, Jurassic and Triassic formations.

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