Groundstar to invest US$7M in first phase under renewed licence

The Canadian oil exploration company, Groundstar Resources Limited will have until May 2014 to drill on its Takutu site and will invest US$7 million in the first phase under the new terms of its licence which was recently extended.

The Canadian explorer has been and continues to partner with Canacol on oil exploration in the Takutu Basin in Region Nine. Kam Fard, President and Chief Executive Officer of Groundstar Resources Limited said in a statement that the joint venture partners have been granted a three-year extension for the Takutu Petroleum Prospecting Licence by the Guyana Geology and Mines Commission (GGMC)