Groundstar Resources Says Drilling at WEEM Block to Begin in November


Egypt Exploration Blocks
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The operator of the block, Aminex Egypt, has advised Groundstar that a brand new drilling rig is available to drill two wells back to back on the WEEM block beginning in mid November 2007. The rig is rated at 2000 hp and is currently in Egypt. The rig will drill its first well in Egypt for another operator, then move to the WEEM block. Two seismically defined prospects in the south part of the block near Lukoil's production area are to be drilled. One well will drill to approximately 12,000 feet and the second to approximately 6,500 feet.

West Kom Ombo (WKO) Block (42,291 sq. km.; 60% Working Interest)

Groundstar is the operator of this block. As a result, the Company has opened a branch office in Cairo. A General Manager and a local Deputy General Manager have been retained to manage the project. Technical work completed to date includes the re-processing of 835 km. of 2D seismic, acquired by Repsol in 1997. A preliminary interpretation of this data shows the presence of several very large Cretaceous structures. A new seismic program has been laid out and fieldwork will take place in early 2008.

On September 4, 2007, Centurion Energy announced the discovery of the first commercial oil field in Upper Egypt. The well tested light crude oil (37 degree API) from a Cretaceous reservoir at about 4,000 feet. Centurion also announced a US$30 million development program, which will include early production by truck and rail tanker to a refinery at Asyut. This commercial discovery has great significance to Groundstar, as the WKO block is located immediately to the west of the Centurion Kom Ombo block. The WKO block has similar subsurface geology with a thicker sedimentary section. Groundstar looks forward to an exciting future with respect to its West Kom Ombo exploration activities.

Groundstar is a publicly traded Canadian junior oil and gas company actively pursuing exploration opportunities in Guyana, North Africa and the Middle East. The rig is rated at 2000 hp and is currently in Egypt. The rig will drill its first well in Egypt for another operator, then move to the WEEM block. Two seismically defined prospects in the south part of the block near Lukoil's production area are to be drilled. One well will drill to approximately 12,000 feet and the second to approximately 6,500 feet.

West Kom Ombo (WKO) Block (42,291 sq. km.; 60% Working Interest)

Groundstar is the operator of this block. As a result, the Company has opened a branch office in Cairo. A General Manager and a local Deputy General Manager have been retained to manage the project. Technical work completed to date includes the re-processing of 835 km. of 2D seismic, acquired by Repsol in 1997. A preliminary interpretation of this data shows the presence of several very large Cretaceous structures. A new seismic program has been laid out and fieldwork will take place in early 2008.

On September 4, 2007, Centurion Energy announced the discovery of the first commercial oil field in Upper Egypt. The well tested light crude oil (37 degree API) from a Cretaceous reservoir at about 4,000 feet. Centurion also announced a US$30 million development program, which will include early production by truck and rail tanker to a refinery at Asyut. This commercial discovery has great significance to Groundstar, as the WKO block is located immediately to the west of the Centurion Kom Ombo block. The WKO block has similar subsurface geology with a thicker sedimentary section. Groundstar looks forward to an exciting future with respect to its West Kom Ombo exploration activities.

Groundstar is a publicly traded Canadian junior oil and gas company actively pursuing exploration opportunities in Guyana, North Africa and the Middle East.

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