Niko Drills Ahead at Qara Dagh Well

Groundstar provided the following update on the drilling progress of the Qara Dagh - 1 exploration well in Kurdistan, Iraq.

Since the last update on January 14, 2011, the well has drilled to 3,558 meters measured depth ("MD"). Over the past several days, a 7 inch liner has been set and cemented at 3,558 meters in the upper Shiranish formation prior to drilling ahead.

Further drilling in the Shiranish and the Kometan formations is anticipated to a depth of 4,200 meters MD. Increased fluorescence and gas readings were observed.

The interval from 2,522 meters MD to 3,558 meters MD has been logged. Preliminary analysis by Niko Resources, the operator indicates possible prospective pay of up to 143 meters in the lower Tanjero and upper Shiranish formations. The top of the Shiranish formation has been interpreted to be at 3,420 meters.

The operator, Niko, has applied for a one year extension to the first phase of the first exploration period. The Qara Dagh Block is located in the prolific Zagros foldbelt that extends from southern Turkey across northern Iraq and into southwest Iran, which contain giant and supergiant accumulations of hydrocarbons. The large surface structure on the block known as Qara Dagh is a prominent anticline that rises as high as 600 meters above adjacent valley floors. This block, which is 65 kilometers by 5 kilometers, is located 60 kilometers southeast of the Taq Taq oilfield and 60 kilometers east of the giant Kirkuk oilfield, and is adjacent to a Heritage block with a recent oil discovery. Groundstar has a 6% beneficial interest in the Qara Dagh Block.

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