Gold Star Resources Eyes New Hydrocarbon Deposits in West Africa
Gold Star Resources' recent acquisition of International Resource Strategies Liberia Energy Inc. boosts the Canadian oil exploration firm's plans to develop new hydrocarbon deposits in Liberia. Gold Star Resources announced on June 12th that it has officially acquired IRSLE. Gold Star Resources is the first Canadian junior oil company active in 'onshore' oil and gas projects in Cote d'Ivoire and Liberia since the late 1970s.
According to Patrick Morris, President and CEO of GXX, "The acquisition of IRSLE in Liberia is part of our overall strategy to pursue new hydrocarbon deposits in that West African nation. The Liberian political environment has stabilized and we're seeing a more positive reception from local governments encouraging investment in new oil exploration projects. Gold Star Resources intends to set the trend for junior resource companies seeking to gain a profitable presence in Liberia and elsewhere in West Africa. We recently signed a Letter-of-Intent with a Ghanaian company, Bengal Bight Ghana Ltd. to acquire 100% interest in the hydrocarbon rights of Bengal's 1,000 sq. km. Tiampoum mining concession in Cote d'Ivoire, near the border of Ghana."
Morris is excited about his company's strategy to secure "onshore" oil and gas opportunities on Cote d'Ivoire and Liberia because, "larger energy companies are competing for 'offshore' resources all along the African coast, but have not expressed any true interest for any 'onshore' oil and gas exploration. That's fine with us. We see substantive exploration opportunities onshore. While the larger energy firms develop deepwater areas demanding considerable initial capital expenditures, Gold Star Resources can aggressively move forward onshore where it can find abundant acreage and favorable capital terms for its potential oil and gas projects."