Genbel S.A. Share Discussion Threads

[panagos] 04/1/2011 15:08

more likely today eh robbo..?

[robbo126] 04/1/2011 15:02

The Lung... I agree with you about fully agreeing with Alex! ;)

Pana... well it looks like the 50s may be on the way soon....

[panagos] 04/1/2011 14:43

Should climb towards the 50/60s during this week imo.

[miamisteve] 04/1/2011 14:23

egypt 45 days from jan 4th
guyana 50 days from end of Dec

Vast ??????

Looks like we could have a bumper week in february with 3 drill results from 3 different parts of the world. All of them potentially company making.

[thelung] 04/1/2011 14:11

GSA with their additional assets....seem to offer similar if not greater returns with diminished risk

Fully agree with that alex.

[alexwest7] 04/1/2011 13:37

Panagos - the star is set to shine bright! Brilliant news that Guyana and Egypt managed to both spud around the turn of the year, hopefully results will be coupled with some news from QD. Goes to show that even whilst I hold VST, GSA with their additional assets - to me - seem to offer similar if not greater returns with diminished risk. Nice start to the year.

[panagos] 04/1/2011 12:50

Time for the STAR to get-off the GROUND??



CALGARY, ALBERTA--(Marketwire - Jan. 4, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Groundstar Resources Limited (TSX VENTURE:GSA) ("Groundstar" or the "Company"), in conjunction with Energean Oil & Gas, is pleased to announce the spud of the West Kom Ombo - 1 exploration well on the West Kom Ombo block in Upper Egypt. This is the first exploration well of two firm commitment wells and two additional optional wells with a capital expenditure of up to US$30 million gross. Groundstar is carried for a 10% net interest through the exploration drilling stage.

The well is located in Area A on a fault controlled closure defined by seismic data. An active petroleum system has been proven at the Al Baraka field in the adjacent block to the east operated by Dana Gas Egypt. It is anticipated similar geology will be present in Area A.

The well will drill to approximately 2,370 meters and is expected to reach total depth in about 45 days. After completion of drilling, the rig is expected to move to drill Prospect B, about 100 kilometers to the southwest.

Groundstar is extremely excited to participate in the drilling of another high potential exploration well that follows the currently drilling Qara Dagh - 1 well in Kurdistan, Iraq, and the spud of the Apoteri K-2 exploration well on the Takutu Petroleum Prospecting Licence (PPL) in Guyana. The Company extends their appreciation to Energean for their dedication to the project and looks forward to a successful drilling campaign.

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.

About Energean Oil & Gas

Energean Oil & Gas is a private international upstream oil and gas exploration and production company with a Mediterranean and North African Basin focus with oil and gas operated assets in Greece and Egypt. Energean Oil & Gas operates the offshore East Magawish concession in the Gulf of Suez and is the operator of West Kom Ombo Block. For further information about Energean Oil & Gas please visit www.energean.com.

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.

For more information, please contact

Groundstar Resources Limited
Kam Fard
President
[phone]
[e-mail]
or
Groundstar Resources Limited
Jason Krueger, CFA
Investor relations
[phone]
[e-mail]
Click here to see all recent news from this company

[panagos] 03/1/2011 17:48

Kurdistan Says It Is World's Sixth Richest Oil Region
03/01/2011 14:48:00By RUDAW
Font size:
An oil field in Iraqi Kurdistan.

ERBIL, Iraqi Kurdistan: With an estimated 45 billion barrels of oil reserves, Iraqi Kurdistan – if it were a country – would be the world's sixth richest in oil, said a senior advisor to Kurdistan's Natural Resources Ministry.

"If we talk about Kurdistan separately from Iraq, it is the sixth richest oil location in the world," said Ali Hussein, advisor to Iraqi Kurdistan Natural Resources Minister Ashti Hawrami, in reference to the three provinces of Erbil, Sulaimani and Duhok which comprise the official area of the semiautonomous Kurdistan region of northern Iraq.

The semiautonomous region's 45 billion barrels of proven oil reserves make up about a third of Iraq's entire oil reserves, estimated at 143 billion barrels.

Iraqi Kurdistan, which has signed 37 oil and gas contracts with 42 companies from 17 countries, has the capacity to export 100,000 barrels of oil per day (bpd), and this is expected to reach 200,000 bpd by the end of 2011, according to Hussein.

However, as a result of disputes between Iraq's central government and the Kurdistan Regional Government (KRG) over these oil contracts, no oil is being officially exported from Kurdistan at present.

Because the Iraqi central government has refused to pay expenses or interest to the foreign oil companies operating in Kurdistan, oil exportation was suspended in Iraqi Kurdistan in September 2009, after having commenced just a few months previously in June 2009.

"If the Iraqi government fails to grant rights to the [international] oil companies, we will not resume oil exportation," said Hussein, adding that, according to an agreement recently reached between the KRG and Iraqi Prime Minister Nuri Maliki's newly formed government, oil problems between Kurds and Baghdad needed to be solved within six months.

The new government has replaced Hussein Shahristani with Abdul-Karim Luaibi as oil minister. Shahristani was often at loggerheads with the Kurds over oil issues.

However, Luaibi is seen by Kurdish politicians, including Hussein, as a more moderate man, who is willing to negotiate to solve outstanding problems between the KRG and Baghdad over oil.

As of last Monday, Luaibi expected that the exportation of Kurdish oil would resume "soon," without giving any specific date.

[jfjfjf2] 31/12/2010 18:53

Miami - I read it as two further free carry prospects, one of 17.1m net and one of 13.3m net to GSA. Which prospect to be drilled next in May 2011 is to be decided on the outcome of the K2 well. In total Guyana could be worth up to 43.2m barrels net to GSA, though website seems to suggest 30.5mmb p50 net. Can anyone confirm?

JF

P.s. Apologies Miami I've just looked through the updated header and see you are well aware there are three prospects in Guyana. This company is absurdly undervalued. About C$30m market cap?

[panagos] 31/12/2010 17:57

Go on son, you know you want to..

[panagos] 31/12/2010 16:02

WAKEY-WAKEEEYYYYYYY.......HAPPY NEW YEAAARRRRRRR

[panagos] 31/12/2010 16:00

breaking out

[miamisteve] 30/12/2010 12:52

Interesting that Guyana includes a further free carry drill that could be a further 17.1m barrels net to groundstar.

It's shaping up that Guyana, Egypt and dare I say it Kurdistan are all going to be announcing results at the same time, Q1 2011.

[robbo126] 30/12/2010 02:16

TheLung... it's expected that the drill and testing will take 50 days for this well and for the well in Egypt, when that spuds. I expect full drilling news in March sometime though.

[thelung] 29/12/2010 22:54

Nice. Let's have news of Egypt spud by the end of trading this week to take us to 50c......please.

The K-2 well is a 600m offset well. Does anyone have an opinion on daily drilling rates and expected completion inc testing?

[panagos] 29/12/2010 20:02

rhub, well held nerves, had the pain now it's time to enjoy the gain.

[jimmy mcnulty] 29/12/2010 19:57

snap. Now at breakeven on my small punt here. Looking forward to a multi-bagging 2011!

[rhubarbe] 29/12/2010 19:44

45.5c! rhubarbe's head breaks water for the first time in nearly nine months.

[alexwest7] 29/12/2010 16:50

Nice to see Jasons finger is on the pulse. Hopefully Egypt news to come soon also. Happy new year all.

[panagos] 29/12/2010 12:39

Should start marching towards 60c methinks.

Groundstar Resources posts Q2 loss, completes asset sale
By The Canadian Press

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CALGARY - Groundstar Resources Ltd. (TSXV:GSA), a development-stage company with oil and gas exploration assets in Egypt, Iraq and Guyana, had a $361,673 loss in its fiscal second quarter ended Oct. 31.

The loss amounted to one cent per share and contrasted with net income of $756,646 or one cent per share in the quarter ended Oct. 31, 2009.

The year-earlier profit was due to a $1.4-million gain from the sale of a subsidiary and, without that item, Groundstar would have had a net loss of $654,473.

Revenue in the most recently quarter was $135,111, from management fees, up from $18,339 a year earlier.

The company ended the quarter with $1.9 million of cash, after spending $163,555 during the three-month period.

Groundstar subsequently completed the sale of a 60 per cent interest in the WKO block in Egypt in November for $4 million to Aegean Energy Aegean has agreed to buy an additional 10 per cent interest in the block for $1 million.

[magnerita] 29/12/2010 12:29

Groundstar Resources Limited Provides Operational Update for
2010-12-29 11:29:00.34 GMT

Exploration Drilling in the Takutu Basin, Guyana

NEWS RELEASE TRANSMITTED BY MARKETWIRE

FOR: Groundstar Resources Limited

TSX VENTURE SYMBOL: GSA

December 29, 2010

Groundstar Resources Limited Provides Operational Update for Exploration Drilling in the Takutu Basin, Guyana

CALGARY, ALBERTA--(Marketwire - Dec. 29, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Groundstar Resources Limited ("Groundstar" or the
"Company") (TSX VENTURE:GSA) is pleased to announce the planned spud of the Apoteri K-2 ("K-2") exploration well on the Takutu Block in Guyana prior to December 31, 2010 on the Karanambo prospect in the Takutu Basin. This exploration well is a 600 meter offset to the Home Oil Karanambo-1 discovery well drilled in 1982 which tested at a rate of 411 bopd (42 degree
API) in the Manari/Apoteri fractured reservoir. Groundstar is the operator of the K-2 well and is carried for a 10% net interest to commercial production.
Partners are Canacol Energy and Sagres Energy. Based on a December 2009 report compiled for Canacol, Gaffney Cline and Associates attributed gross mean recoverable prospective resources of 128 million barrels (12.8 million barrels net to Groundstar) of oil to the prospect.

Plans are being formulated to drill a second exploration well on the block by May 2011 on either the Rewa or Pirara River prospects depending upon the outcome of the Apoteri K-2 drilling results. Canacol Energy will operate this well; Groundstar will be carried for a 10% net interest. Gaffney Cline and Associates attributed gross mean recoverable prospective resources of 171 million barrels (17.1 million barrels net) and 133 million barrels (13.3 million barrels net) to each prospect respectively in the December 2009 report compiled for Canacol Energy.

[jfjfjf2] 28/12/2010 22:38

The Lung - Who knows? I do know that Guyana has been unseasonably dry this December so the previous excuse won't wash. It would be a shame to bury good news between the holidays, so I won't be too upset if an announcement was to be delayed until early January.

JF

[thelung] 28/12/2010 12:21

jfjfjf2 - 30 Nov'10 - 18:29 - 288 of 308

I emailed Jason Krueger, he said he heard yesterday, "They will spud in December". No mention of when in December.

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alexwest7 - 9 Dec'10 - 15:36 - 289 of 308

Afternoon all, just a little update which I received earlier today which is that we should be having news of spudding in BOTH Guyana and Egypt before the new year.

_________________________________________________________________________

Are people still expecting spudding news before the end of this week?