Oil Found - !!!!!!!Groundstar's South Malak No. 1 well reaches total depth
2009-10-27 02:16 ET - News Release
Mr. Kam Fard reports
GROUNDSTAR RESOURCES LIMITED: SOUTH MALAK #1 WILDCAT REACHES TOTAL DEPTH
GroundstarResources Ltd.'s South Malak No. 1 well, on the West Esh El Mellahablock onshore Gulf of Suez in Upper Egypt, has reached total depth at11,200 feet. Oil shows were encountered in pre-Miocene Matulla sandstringers from 10,858 to 10,900 feet and consistently high C1 to C5 gasreadings were encountered from 10,300 feet through to total depth. Thewell was logged from the base of the last cased section at 2,725 feetto total depth.
The hydrocarbon shows plus log analysis of thelogs support a testing program of four potential zones. The well willbe cased to 11,030 feet leaving the bottom 170 feet uncased in order toconduct an open-hole test of possible fractured granite wash andbasalt. The remaining proposed tests will be conducted over the casedportion of the well.
It is expected the casing and cementingprogram will be completed in seven to eight days after which thetesting program will commence. Groundstar has a 20-per-cent net workinginterest in the West Esh El Mellaha block.