On June 9, 2006 Groundstar announced a preliminary Farm-In Agreement with PPPEgypt in respect to Block 3. During the course of further negotiations with PPPEgypt, Groundstar increased its share in Block 3 to 60% from 42.5% by agreeing to pay 100% of the cost of the first two exploration phases ($7.1 million US net to Groundstar) over a five year period.
Kam Fard, President and CEO of Groundstar states "We are delighted to have obtained majority interest in Block 3. Groundstar will be actively involved in technical, operational, and administrative aspects of the Exploration phase of the Block. We have an extremely experienced technical staff capable of managing all phases of the exploration program on the Block and we look forward to the exciting challenge ahead."
Groundstar is a publicly traded Canadian junior oil and gas company actively pursuing exploration opportunities in Guyana, Central Asia and North Africa.
The Units have not and will not be registered under the United States Securities Act of 1933 as amended (the "US Securities Act") or any state securities laws and may not be offered or sold in the United States or to any US Person except in certain transactions exempt from the registration requirements of the US Securities Act and applicable state securities laws.
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