Egypt

By OGJ editors
HOUSTON, May 10 – Aegean Energy, a private Athens company, Karl Thomson Energy Ltd., and Groundstar Resources Ltd., Calgary, entered into transactions that will result in Aegean becoming operator of West Kom Ombo, at 31,500 sq km one of the largest onshore exploration blocks in Egypt.

Groundstar will build a road, well location, and conduct other work needed to spud the West Kom Ombo-1 exploration well in southwestern Egypt in the last quarter of 2010.

Net block interests on completion of the transactions will be Aegean 70%, Karl Thomson Energy 20%, and Groundstar 10% carried interest through the first exploration phase ending Sept. 16, 2011, which requires the drilling of two exploratory wells by that date.