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Monday, April 25, 2011

Groundstar to Abandon Guyana Well

Groundstar to Abandon Guyana Well

Monday, April 25, 2011
Groundstart Resources Ltd.

Groundstar provided the following update on drilling and testing activities at the Apoteri K-2 exploration well located in the Takutu Basin of Guyana.

On April 20, 2011 the measured drill depth of the well reached 2,992 meters. The top of the Manari was encountered at 2,402 meters, 210 meters high to prognosis; the top of the Apoteri was encountered at 2,431 meters, 281 meters high to prognosis. At 2,517 meters an unexpected down to the southeast fault was encountered which significantly shortened the Manari section to a thickness of 29 meters compared to a thickness of 118 meters at the Karanambo-1 discovery well drilled by Home Oil in 1982. The fault also caused the Apoteri Volcanics to be encountered much higher than prognosed. Elevated gas readings (C1-C5) and oil shows were identified at various intervals in the Manari and Apoteri. A full suite of logs were run to 2,593 meters. The FMI (Formation Micro Image) log identified numerous fracture swarms in the Manari and Apoteri.

Based upon the gas and oil shows and log interpretation, drill stem tests (DSTs) have been conducted to date as follows in measured depths:
  • DST 1 (Manari-Apoteri): 2,445 to 2,571 meters, misrun;
  • DST 2 (Manari-Apoteri): 2,445 to 2,571 meters, recovered 20 meters drilling mud, reservoir was tight;
  • DST 3 (Apoteri): 2,656 to 2,799 meters, recovered 73 meters drilling mud from low permeability reservoir;
  • DST 4 (Apoteri): 2,897 to 2,991 meters, recovered 2,300 meters of formation salt water from a high permeability fracture zone at 2,976 meters.

Although excellent reservoir quality was encountered in this interval of the Apoteri Formation, the reservoir appears to have been penetrated below the oil – water contact, defined by the interval of good oil and gas shows between 2,515 and 2,841 meters.

Over the course of the next week the Apoteri K-2 well will be abandoned. The consortium is currently evaluating the next exploration drilling location on the block.

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