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| Share Name | Share Symbol | Market | Stock Type |
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| Genbel S.A. | GSA | London | Ordinary Share |
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| 0.00 | 0.00% | - |
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Posted at 23/11/2012 11:26 by joshaw November 22, 2012 17:53 ETGroundstar Resources Limited Announce Acquisition CALGARY, ALBERTA--(Marketwire - Nov. 22, 2012) - NOT FOR DISSEMINATION IN THE U.S.A. The board of directors of Groundstar Resources Limited (TSX VENTURE:GSA) ("Groundstar" or the "Company") is pleased to announce it has entered into agreements whereby it will acquire an aggregate 50% working interest in heavy oil assets, which includes the acquisition of a 25% working interest in the assets pursuant to the Acquisition described below. Groundstar expects to drill and complete vertical test well(s) in the Willingdon area of Alberta to confirm productivity and establish a medium and heavy oil resource play. Core, log and oil analysis demonstrates a 35 meter thick, 18-20° API oil column with excellent reservoir quality which the Company believes will allow for primary, cold flow production. Proprietary 3D seismic covering three sections (1,920 acres) delineates the initial well(s) and confirms up to 30 additional drilling locations. An independent engineering assessment dated November 1, 2012 has assigned gross Prospective Resource estimates for three of the sections at 3.1 million barrels Best Estimate, 930,000 barrels Low Estimate and 9.3 million barrels High Estimate.1 The independent assessment indicates the total reef to have a gross Prospective Resource estimate of 11 million barrels Best Estimate, 3.3 million barrels Low Estimate and 33.2 million barrels High Estimate.1 Under the terms of the agreements, upon having completed its earning obligations with respect to the test well, the Company will have a 50% working interest option on fifteen sections. Key Attributes and Highlights to the Company: Emerging Medium and Heavy Oil Resource Exposure: 69.0 million barrels net Undiscovered PIIP, Best Estimate1 Prospective Resources: Leduc 18-20° API oil 11.0 million barrels gross (5.5 million barrels net, Best Estimate)(1) Current Development Inventory: 30 gross, 15 net locations Seismic: 4.8 square km (1,920 acres) of 3D seismic and 30km 2D seismic 2 Land: 18 sections gross or 11,520 gross acres (5,760 net), 4.5 sections unbooked 3 Pro Forma Shares Outstanding: 7.5 million (basic), 7.8 million (fully‐diluted Tax Pools: $30.3 million (1) Chapman Petroleum Engineering Ltd. ("Chapman") independent NI -51-101 assessment, effective November 1, 2012. (2) Total gross seismic cost of $400,000. (3) Based on the respective independent land reports effective November 1, 2012, prepared by Independent Land Evaluations Inc. in accordance with NI 51-101 5.9 (1) (e) for total net land value of $620,480. In connection with the execution of the agreements, Groundstar is pleased to announce that it has entered into an assignment agreement with a private Alberta company ("First Oil") to acquire its 25% working interest in the Willingdon assets held by First Oil for consideration consisting of 1.6 million shares of the Company (the "Acquisition"). Certain of the directors of the Company are shareholders of First Oil, such that the transaction may be considered to be a non-arm's length transaction pursuant to the applicable policies of the TSX Venture Exchange ("TSXV"). In particular, two directors of Groundstar hold shares in First Oil, which does not represent a controlling position, and they will indirectly control an aggregate of 150,000 shares of the Company following the Acquisition. The aforementioned Acquisition and the issuance of the shares of the Company as payment therefore are subject to the approval of the TSXV. Upon completion of the acquisitions and provided that the interest is earned in accordance with the agreements, the Company will have a 50% working interest in the Willingdon assets. About Groundstar Resources Limited Incorporated in 1968, Groundstar Resources Limited is a publicly traded oil and gas company with exposure to 7.3 million gross acres of land actively growing a portfolio of working interests targeting oil and gas producing assets with appraisal and development opportunities and exploration upside. The Company believes that its current working interests provide significant near and long term value. Groundstar trades under the ticker symbol "GSA". |
Posted at 23/10/2012 17:58 by nil pd Thanks. I'm in VST and only followed GSA for the connection. Didn't know the consolidation was due (suppose I should have checked the news history...) |
Posted at 23/10/2012 17:26 by nil pd rhubarbe - yes, eh?!Is this rise linked to GSA in Kurdistan or their operations elsewhere? There is nothing to be found on the web. Nowt. |
Posted at 29/8/2012 15:37 by panagos So GSA want out of kurdistan:From SEDAR: MD&A regarding KRG: "In July 2012, the Corporation decided to dispose of its interest in the Qara-Dagh Block. Management estimates that the recoverable value will be approximately $1.4 million to $1.6 million. Based on this estimate, Groundstar will record an impairment provision in Q1 2013 so the carrying value equals the recoverable value. However, the final recoverable value and resulting impairment provision may be materially different from these estimates, as the terms of the disposition have not been approved or finalized by all parties." Interesting. |
Posted at 25/4/2011 15:32 by miamisteve I'm surprised at the share price action with VST. Last QD update seemed quite reassuring withg the encountering of a large potential payzone. Not expecting the $15+ figures some are using. But we shall find out shortly. Guyana and Egypt stories are far from over for GSA. |
Posted at 25/4/2011 14:49 by panagos miami what do you think about QD?I've e got a big chunk of my life savings in VST, and GSA and LFD... T.I.A |
Posted at 25/4/2011 14:43 by miamisteve GSA will have a free carry for the next drill in Guyana, but looks like the focus short term will be back on Qara Dagh |
Posted at 13/4/2011 15:55 by alexwest7 I smell no volume unfortunately. Interesting to see the decline in share price of all the K-2 partners gsa,cne,sgi all on insignificant volume. Seems no one is buying in expectation......May |
Posted at 17/12/2010 15:53 by robbo126 Spnk, I can totally understand why you have done that, although I still have the opinion that the better value is still here. Here's why...The risked value (My calculations, it serves me no purpose as an investor to be biased though, so they are pretty accurate) of GSA in total (all assets) is 748.76%, while the risked value of the 3 prospects they are / will be drilling in the very short term is 329.11%, at the current share price. The risked value of VST at it's current share price is 216.13%. However, if you believe that VST will prove QD to be much bigger (on this drill alone) then the CPR has stated, then VST's risk value will slowly catch GSA's. So if you believe VST and GSA will prove QD to be 7bn OIP from the Cretaceous and 3bn OIP from the Tertiary then VST have a risked value of 533.46% and GSA have a risked value of 526.35%. Hope this helps people understand the differences between the two investments and as ever, it's your own perception to which is the 'better' investment. Good luck all. |
Posted at 10/5/2010 21:47 by robbo126 Below are some of my views using figures on both GSA and VST.In my opinion the Egypt news is good for GSA shareholders. It should mean less dilution of the share capital is necessary in the near future as GSA will have enough money to pay for 3 wells on Qara Dagh (estimated cost of $2.47m per well for GSA) and general overhead costs of the business for the short to medium term. I have had to change my spreadsheet in regards to today's news but the figures below don't fully appreciate how today's news lowers the overall risk of the company while increasing the possible short term wealth maximisation for the shareholders, as we will have more of QD per share, as less shares will be in issue by the time of sale, then I previously thought would be the case, as I assumed we would need to pay for costs at WKO (which we now don't have short term) and to pay for QD cost's during and after the first well). My NAV for QD is based on the following variables: - 6% of QD, 2742mmbl OIP, 20% recovery rate, $6 NPV per net barrel at $70 oil (this is assumed as the Kurdistan PSC standard by the Daniel Stewart note for GKP), a 40% CoS (for the risked valuation), US$ - CAD$ rate of 0.97 and the number of shares in issue at 74.5m. The risked figure is $0.98 for QD alone. This gives a potential risked upside of 113.48% on the current share price of $0.46 and a discount of 53.16% on the risked NAV for QD alone. The un-risked figure is $2.46 for QD. This gives a potential un-risked upside of 433.71% on the current share price and assuming the variables above are played out i.e. if OIP is 4000m and RC is 25%, a much higher share price should be achieved and vice versa. My NAV for the whole of GSA is based on the above variables for QD and the best estimate recoverable figures for WKO and Takutu. The Karanambo prospect in Guyana, being de-risked due to the previous oil find, has a 40% CoS, while the other Guyana prospects have a 7.5% CoS. I have given the WBO block prospect a 5% CoS. It also includes $11m cash, worth $0.15 to the share price The overall GSA risked valuation figure is $1.89. This gives a potential risked upside of 311.25% on the current share price of $0.46 and a discount of 75.68% on the risked NAV. The un-risked figure is a whopping $10.90. This gives a potential un-risked upside of 2270.31% on the current share price of $0.46. In comparison, my NAV for Vast (and hence Vast's share of QD) has the same variables as GSA apart from 37% in QD and a fully diluted shares in issue of 292m (this means Vast should be well funded for the possible 3 wells on QD and wouldn't require too much further fundraising). The risked figure is $1.54 for QD. This gives a potential risked upside of 81.72% on the current share price of $0.85 and a discount of 44.97% on the risked NAV.(This figure is without the company's cash balance included, so is purely based on QD. With the fully diluted shares in issue, I assume $52m as the cash balance, worth an extra $0.18 on top of this figure). The un-risked figure is $3.86 for QD. This gives a potential un-risked upside of 354.31% on the current share price In conclusion, it currently looks like at the moment GSA is better value for exposure to the QD block as it offers a higher risked and un-risked upside percentage and also has the hedge of its now carried 10% interests in both Egypt and Guyana and is well funded for the short to medium term. Of course these figures are just my own, you may wish to use different variables as you see fit and I'm sure you won't agree with some of my predictions i.e. $6 NPV in Kurdistan for example, but then again the RF could be 30-50% not 20% and we all know the OIP has a lot of scope for revision to the upside e.g. if the OIP turns about to be 5000mmbl (very plausible saying the anticline is a huge 390km2, 3 times bigger than Miran west, which has OIP of around 2300 to 4200mmbl), using the same variables I've used above, Vast would offer 728.42% un-risked upside and GSA would have potential for a 873.22% increase based on QD. Hope this is useful for both VST and GSA holders, I assume we are mainly one and the same! P.S. I hold both VST and GSA, with a ratio of around 2.5 to 1 in Vast's favour. |
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