Groundstar Resources Limited has increased its Working Interest in a Farm-in Agreement with Pan Pacific Petroleum Egypt Pty Ltd. (“PPPEgypt)” in respect to West Kom Ombo Block-3 in Upper Egypt (“Block 3”).
Block 3 covers 42,291 sq. km. (approximately 10.5 million acres) and is situated immediately to the west of Block 2 which is operated by Centurion Energy International Inc., a highly successful operator in Egypt.
On June 9, 2006 Groundstar announced a preliminary Farm-In Agreement with PPPEgypt in respect to Block 3. During the course of further negotiations with PPPEgypt, Groundstar increased its share in Block 3 to 60% from 42.5% by agreeing to pay 100% of the cost of the first two exploration phases ($7.1 million US net to Groundstar) over a five year period.
Kam Fard, President and CEO of Groundstar states “We are delighted to have obtained majority interest in Block 3. Groundstar will be actively involved in technical, operational, and administrative aspects of the Exploration phase of the Block. We have an extremely experienced technical staff capable of managing all phases of the exploration program on the Block and we look forward to the exciting challenge ahead.”
Groundstar is a publicly traded Canadian junior oil and gas company actively pursuing exploration opportunities in Guyana, Central Asia and North Africa.
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