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myNEXTmillionon Dec 13, 2010 8:18am
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News...
News...Dec 13, 2010 06:00 ET
Groundstar Resources Provides Operational Update: Qara Dagh- 1 Exploration Well, Kurdistan, Iraq
CALGARY, ALBERTA--(Marketwire - Dec. 13, 2010) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
GroundstarResources (TSX VENTURE:GSA) has been informed by Niko Resources, theoperator of the Qara Dagh - 1 exploration well in Kurdistan, Iraq thatthe go-forward plan previously announced on November 12, 2010 to installintermediate 11 3/4 inch expendable liner in the Tanjero formation hasbeen successfully completed. The liner was set at 2,088 meters, expandedand cemented in place. An extremely unstable zone encountered whiledrilling in the Tanjero has significantly impeded drilling progress. Itis believed that the liner will prevent or eliminate rock cavings thatcaused the drilling delays. The operational forecast is to drill aheadto evaluate the three primary Cretaceous targets; Shiranish, Kometan andQamchuga.
TheQara Dagh Block is located in the prolific Zagros foldbelt that extendsfrom southern Turkey across northern Iraq and into southwest Iran,which contain giant and supergiant accumulations of oil. The largesurface structure on the block known as Qara Dagh is a prominentanticline which rises as high as 600 meters above adjacent valleyfloors. This block, which is 65 kilometers by 5 kilometers, is located60 kilometers southeast of the Taq Taq oilfield and 60 kilometers eastof the giant Kirkuk oilfield, and is adjacent to a Heritage block with arecent oil discovery. Groundstar has a 6% beneficial interest in theQara Dagh Block.