Genbel S.A. Share Discussion Threads

[alexwest7] 07/3/2011 11:48

I have to say a highly disappointing update from GSA and Canacol today (both virtually the same). I did expect a lot more. The only solace that can be taken from this release is that it explains the drip drip down of the last couple of weeks and the imminent news sparked the rise into the weekend.

[alexwest7] 07/3/2011 11:45

Mar 07, 2011 06:20 ET
Groundstar Resources Provides Update on the Apoteri K-2 Exploration Well in Guyana
CALGARY, ALBERTA--(Marketwire - March 7, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Groundstar Resource Limited ("Groundstar" or the "Company") (TSX VENTURE:GSA) is pleased to provide an update on the drilling of the Apoteri K-2 ("K-2") exploration well on the Takutu Block in Guyana. The K-2 well will be drilled to a measured depth of approximately 3,350 meters (11,000 feet) and will target the same productive reservoirs that tested over 400 barrels of oil per day of 42 degree API light oil from the Karanambo 1 well drilled in 1982 and located 600 meters to the east. Gaffney Cline and Associates attributed gross mean recoverable prospective resources of 128 million barrels of oil (12.8 million barrels net to Groundstar's final working interest) to the discovery in the December 2009 report compiled for the Corporation.
As of Friday morning, March 4, 2011 the K-2 well was drilling ahead at a depth of 2,245 meters (7,366 feet) measured depth ("ft md") within the Jurassic Pirara formation. Intermediate casing is planned to be set at approximately 2,735 meters (8,970 ft) md prior to drilling through the primary reservoir targets in the Manari and Apoteri formations. Drilling had been interrupted in early January 2011 due to the late arrival of some of the permanent camp facilities provided by Tuscany International Drilling Inc., which arrived on location in late January. The drilling operation since then has progressed according to plan.
Groundstar has a 10% working interest in the contract and is the operator of the Petroleum Prospecting License ("PPL"), with Canacol Energy Ltd. holding the remaining 90%. Sagres Energy Inc. is eligible to earn a 25% working interest in the PPL from Canacol by paying for 30% of the cost to drill the K-2 exploration well. Groundstar's interest is carried to commercial production.

[thelung] 06/3/2011 19:10

Nice. Thanks.

[robbo126] 05/3/2011 15:09

Would be nice! Especially if we have some good positive news at K2 to move to share price back to 60 odd cents, will ease all our nerves for QD, I bet!

[alexwest7] 05/3/2011 14:44

From the wording of the reply in relation to my questions I reckon probably just some net pay / oil shows and notification of current testing. Hopefully a go forward plan for the Rewa drill also I hope. Definitely some price sensitive material which should move us back towards our highs.

[robbo126] 05/3/2011 14:35

Cheers Alex... I look forward to Monday with great anticipation now, would be nice to have some flow rates, as these are key here (1000bopd should do the trick)! You reckon they'll be any, or just net pay etc?

[alexwest7] 05/3/2011 11:51

Decent close yesterday. Having said that I believe an update was coming from GSA with regards to Guyana in the next 2 weeks, late last night I received an email from one of our partners on the Guyana drill. They stated that they are going to be doing some PR about Guyana on Monday. From the way it was worded it may contain some good specifics. I look forward to Monday!!!

[thelung] 04/3/2011 17:12

Fingers crossed for a hold and finish at 50c

[panagos] 04/3/2011 09:07

amazing close, this baby can go up as fast as it went down. a whif of good news and we could be in the 70s (for starters)

[thelung] 04/3/2011 08:44

Nice close

[robbo126] 03/3/2011 17:11

Also, if you think about it, Egypt, for me, has less risk then alot of other MENA countries as they have already had a successful revolution, so we know we haven't got a potential 'Libya' on our hands.

[alexwest7] 03/3/2011 17:03

Not a problem thelung, happy to help. I agree, but it did seem that the Egypt spud acted as some sort of catalyst in sparking the share price into life. At least we can be thankful that Egypt is no Libya, not just for the share price but the people too.

[thelung] 03/3/2011 16:26

Hi Alex. Thanks for sharing the info in your recent postings.

The last share price increase was before the dry hole in Egypt and before the govt was toppled, but still hoping we can get back to 50c base level with spud news on the second Egyptian well and then onwards and upwards with Guyana results in the next 2 weeks.

[alexwest7] 03/3/2011 15:51

I also hear Egypt spud is going to happen very very soon. All remember what happened last time they commenced drilling in egypt I trust.

[robbo126] 02/3/2011 18:36

Makes sense as it also ties in with the recent Canacol comments of mid-March results, lets hope they're worth waiting for!

[alexwest7] 02/3/2011 17:58

I have had confirmed to and as robbo eluded to recently that the article saying the drill didn't start at the December is complete rubbish, and have been told the GSA will update the market with respect to Guyana in the next two weeks. Make of this what you will but I feel it's pretty accurate (whilst not the smallest time frame).

[rhubarbe] 28/2/2011 22:46

Excellent, thanks very much..

[robbo126] 27/2/2011 14:12

As requested Rhu, updated NAV...

[rhubarbe] 27/2/2011 12:07

Can we have the NAV redone on the light of recent events, please?

[alexwest7] 27/2/2011 11:38

I like the wording of the last sentence....

[robbo126] 26/2/2011 21:28

From the above article (must be incorrect, IMO, as we know it spudded late December!)....

According to the prime minister, drilling will commence soon, in the onshore Takatu Basin, in the Apoteri K2 well, by the Takatu Oil and Gas Incorporated ( formerly Groundstar Resources), Canacol Energy Limited, and Sarges Energy Limited. This will hopefully commence in early February, and will take some three months for completion. The companies will look to drill another well in the Rewa or Piara rivers, once the first drilling is successful

[rhubarbe] 26/2/2011 21:18

Better than a poke in the eye with a sharp stick..

[alexwest7] 26/2/2011 21:13

90% rhu on the first well as they are redrillng an old discovery essentially. 50% Commercial CoS

[rhubarbe] 26/2/2011 20:55

What was the COS in Guyana?

[panagos] 26/2/2011 13:32

Jennings' recent CNE update says mid March results in Guyana.
"Upcoming Catalyst: Guyana. The K-2 exploration well spud
late December and results are expected by mid-March."