Groundsar Resources Ltd
International exploration and production of Oil & Gas.
Message: NR drilling update Iraq, Guyana and Egypt
CALGARY, ALBERTA--(Marketwire - Sept. 9, 2010) - Groundstar Resources Limited ("Groundstar" or the "Company") (TSX VENTURE:GSA) is pleased to provide the following operations update.
Kurdistan region of Iraq
Qara Dagh-1 well is drilling 12 1/4 inch hole at about 2,200 meters. The well was spud on 12 May 2010 with a planned total depth of 4,000 meters. As previously reported, the well has encountered a thick Aliiji section with strong indications of hydrocarbons.
Several reservoir quality sandstones have been penetrated. Petrophysical analysis of the sandstones has confirmed possible presence of hydrocarbons. These horizons will be further evaluated after completion of the drilling. 13 3/8 inch intermediate casing string was set at 1,650 meters on August 8, 2010. Qara Dagh-1 drilling operation is expected to be completed in November 2010.
Apoteri K2 pre-drill operations continue. The Company is pleased to announce that the majority of the drilling rig has arrived on Apoteri K2 drilling location, while the remainder is currently in the process of clearing customs in Manaus, Brazil prior to being mobilized to the location. The Corporation expects to spud Apoteri K2 well in mid October, and anticipates that the well will take 50 days to drill.
Operations to drill an exploration well on the West Kom Ombo (WKO) Block are in progress. The access road to the proposed drilling sites in Area A of the block is 70% complete. A drilling contract has been awarded for 2 firm exploratory wells and 2 additional optional wells. Anticipated spud date for the first well is middle of November 2010.
Groundstar is extremely pleased and excited to have reached this stage. A high-potential well is currently drilling in Kurdistan. An exploratory well will be drilled this year on two other high impact blocks, the Takutu PPL in Guyana and the WKO block in Upper Egypt, at no cost to the Company. Regardless of this year's drilling results, additional exploration wells will be drilled in 2011 in Guyana and Egypt at no cost to Groundstar.
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