Groundstar provided 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.
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