Aug 08, 2010 News
… as drilling company mobilises equipment
The hunt for oil in Guyana’s hinterland is soon becoming a reality as the company that is undertaking the project has commenced mobilising its heavy duty equipment in the location.
This is according to Minister of Transport and Hydraulics, Robeson Benn who in a recent press briefing said that the company has begun trucking in its equipment.
He did stress the need to have the road leading to the interior repaired as a priority given that some more equipment have to be flown into the country and will have to use the roads to get to the location.
Benn said that close to 100 trucks of equipment are being transported to the area from Brazil and should have arrived to the drill site yesterday.
The ancillary equipment are being flown in from Trinidad and Tobago and should be in Linden by the 20th and as such the administration is hoping to have the roads addressed prior to its arrival.
“We want to be ready by the 15th.”
In 2008, Groundstar obtained a Farm-in partner, Canacol Energy Ltd., for the Takutu Basin in Guyana.
The fiscal terms for the Farm-in Agreement obligates the Farmee to pay 100 per cent of all exploration expenses for the first US$12M to earn an undivided 55 per cent working interest in the block.
The Corporation has completed community consultation and environmental impact management studies.
It has procured drilling and tubular equipment, and has constructed the drill site pad for the Apoteri K-2 Prospect and the staging area for the Rewa Prospect.
In May 2009, it was announced that Canacol will acquire an additional 35 per cent working interest in the Petroleum Prospecting Licence (PPL) in the Takutu Basin in exchange for a cash payment to Groundstar of US$ 3.45M.
Canacol’s net working interest in the PPL will increase to 90 per cent: Groundstar’s net interest will reduce to 10 per cent which will be carried by Canacol to first commercial production. Groundstar will remain operator of the block through to completion of the first exploratory well, which will commence shortly as the equipment has begun arriving.
Under the terms of a new three year Petroleum Agreement with the Guyana Geology and Mines Commission, the operator is obliged to drill one exploration Well by May 22, 2010, and a second Well by May 22, 2011.
Groundstar Resources Ltd. is a publicly traded Calgary-based junior Oil and Gas Company, which is actively pursuing international exploration and production opportunities.
The present company was re-staffed and refinanced in November 2004 with its senior Board of Directors and a very experienced team of professionals.
The company will explore, evaluate and capitalise on oil and gas properties in the Middle East, North Africa and South America.
The primary objective is to create shareholder value through the acquisition and development of world class assets in underdeveloped basins.
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