Groundstar's news release indicates oil is present in "several reservoir quality sandstones". Now, the big question: How much?
Groundstar Resources Ltd. is providing the following operations update.
Kurdistan region of Iraq
QaraDagh-1 well is drilling a 12-1/4-inch hole at about 2,200 metres. Thewell was spudded on May 12, 2010, with a planned total depth of 4,000metres. As previously reported, the well has encountered a thick Aliijisection with strong indications of hydrocarbons.
Several reservoirquality sandstones have been penetrated. Petrophysical analysis of thesandstones has confirmed possible presence of hydrocarbons. Thesehorizons will be further evaluated after completion of the drilling. A13-3/8-inch intermediate casing string was set at 1,650 metres on Aug.8, 2010. Qara Dagh-1 drilling operation is expected to be completed inNovember, 2010.