Apr 07, 2011 16:20 ET
Groundstar Provides Drilling Update on Qara Dagh-1, Kurdistan, Iraq
CALGARY, ALBERTA--(Marketwire - April 7, 2011) -
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Groundstar Resources Limited ("Groundstar" or the "Company") (TSX VENTURE:GSA) is pleased to provide the following update on the drilling progress of the Qara Dagh - 1 exploration well in Kurdistan, Iraq.
Since the last update on January 14, 2011, the well has drilled to 3,558 meters measured depth ("MD"). Over the past several days, a 7 inch liner has been set and cemented at 3,558 meters in the upper Shiranish formation prior to drilling ahead.
Further drilling in the Shiranish and the Kometan formations is anticipated to a depth of 4,200 meters MD. Increased fluorescence and gas readings were observed.
The interval from 2,522 meters MD to 3,558 meters MD has been logged. Preliminary analysis by Niko Resources, the operator indicates possible prospective pay of up to 143 meters in the lower Tanjero and upper Shiranish formations. The top of the Shiranish formation has been interpreted to be at 3,420 meters.
The operator has applied for a one year extension to the first phase of the first exploration period.
The Qara Dagh Block is located in the prolific Zagros foldbelt that extends from southern Turkey across northern Iraq and into southwest Iran, which contain giant and supergiant accumulations of hydrocarbons. The large surface structure on the block known as Qara Dagh is a prominent anticline that rises as high as 600 meters above adjacent valley floors. This block, which is 65 kilometers by 5 kilometers, is located 60 kilometers southeast of the Taq Taq oilfield and 60 kilometers east of the giant Kirkuk oilfield, and is adjacent to a Heritage block with a recent oil discovery. Groundstar has a 6% beneficial interest in the Qara Dagh Block.
About Groundstar Resources Limited
Groundstar is a publicly traded Canadian junior oil and gas company actively pursuing exploration opportunities in Guyana, North Africa and the Middle East.
This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.