Groundstar Resources is pleased to announce that Aegean Energy Egypt Limited (subsidiary of Energean Oil & Gas SA), the Operator of the West Kom Ombo block in Upper Egypt, has commenced a high resolution aeromagnetic survey over the block on October 1, 2011. The data acquisition of 20,000 line kilometers over the 31,520 square kilometer block is expected to be completed by the end of October to be followed by processing and interpretation. The primary purpose of the survey is to identify prospective areas for further exploration and drilling in the next exploration phase.
The work commitment of the next exploration phase is to drill two wells prior to September 16, 2014. Groundstar is carried for a net 10% working interest.
Groundstar is a publicly traded Canadian junior oil and gas company actively pursuing exploration opportunities in Guyana, North Africa and the Middle East.