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Joint venture partners have been granted a three-year extension for the Takutu Petroleum prospecting license by Guyana Geology and Mines Commission, ending May 21, 2015, Groundstar Resources President and CEO Kam Fard announced.
The work commitment for the first phase of a two-phase agreement is drilling of an exploration well by May 2014 in the Takutu basin with a financial commitment of US $7 million. The work program for the second phase will be developed by GGMC and the joint venture partners jointly.
Groundstar, the operator, has a 10% working interest that is carried by Canacol to first commercial production. Effective Sept. 1, the operatorship will be transferred to Canacol.