Replies to post #8424 on Value Microcaps Junior Energy

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GSA.v Groundstar Resources spuds WKO-3X well in Egypt
2011-03-08 07:41 ET - News Release


Mr. Kam Fard reports

GROUNDSTAR RESOURCES PROVIDES UPDATE ON EGYPTIAN OPERATIONS

Groundstar Resources Ltd. has provided the following update regarding its operations in Egypt. Groundstar has been informed by the operator of the West Kom Ombo block, Energean Oil & Gas, that a second well in the West Kom Ombo block, the WKO-3X well, was spudded on March 7, 2011.

The WKO-3X well is the second of two committed frontier exploration wells in the vast and highly unexplored West Kom Ombo licence (31,520 square kilometres).

The main objective of the well is to provide a second stratigraphic control point, approximately 100 kilometres southwest of the WKO-1X well location, in an area with very sparse geological and geophysical data coverage. The findings of the WKO-3X well will be used for defining and further optimizing the future exploration approach in the licence area.

The corporation's 10-per-cent net interest is carried by Energean for the first $30.0-million in gross expenditures.

Although the company's operations in Egypt have not been directly affected by recent political events, Groundstar and Energean are closely monitoring the situation on a continuous basis.

We seek Safe Harbor.