Groundstar Resources Limited announces relinquishment of Qara Dagh block in Kurdistan
Friday, Nov 16, 2012Groundstar Resources Limited (TSX VENTURE:GSA) announces that, along with its consortium partners Niko Resources Ltd. and Vast Exploration Inc., it has entered into a relinquishment and termination agreement (the "Relinquishment Agreement") with the Kurdistan Regional Government ("KRG") to surrender their collective interests in the Qara Dagh Block located in the Kurdistan Region of Iraq. Groundstar acquired a working interest in the block under a production sharing agreement. The consortium drilled an exploration well, which was not commercially successful. Pursuant to the Relinquishment Agreement, and after settlement of all outstanding expenses, Groundstar expects to recover a net amount of $1.3 Million USD.
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