Egypt

Aegean Energy, private Athens operator, and Groundstar Resources Ltd., Calgary, revised agreements and sale terms relating to exploration of the 31,500-sq km West Kom Ombo block in southern Egypt.

By OGJ editors
HOUSTON, June 7
– Aegean Energy, private Athens operator, and Groundstar Resources Ltd., Calgary, revised agreements and sale terms relating to exploration of the 31,500-sq km West Kom Ombo block in southern Egypt.

Aegean Energy has committed to drill at least four exploration wells by Sept. 16, 2014, and has agreed to spend as much as $30 million on exploration. Two exploration wells will be drilled by the end of the current exploration phase of Sept. 16, 2011, and two exploration wells will be drilled in the next exploration phase of 3 years.

Further seismic may be acquired dependent upon drilling results. Groundstar will be carried for a 10% net interest throughout the above activities, to a maximum of $30 million ($3 million net).

The operator has scouted and surveyed about 120 km of access road to the concession, and the first exploration well is to spud in the fourth quarter of 2010.

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