VANCOUVER, June 8 /CNW/ -- African Energy reported in its Upstream Oil
and Gas columns, June 5, 2009 issue (http://www.africa-energy.com) that
Canadian-based Gold Star Resources Corp. (TSX-V; GXX, OTC BB: GXXFF;
http://www.goldstarresources.com) has emerged onto the West Africa scene in
the past few months seeking onshore acreage in Liberia, Cote d'Ivoire and
Ghana. UK-based African Energy, published fortnightly, is a fixture on the
African energy sector, providing incisive analysis on the continent's energy
With Ghana's Jubilee field success having been well documented, GXX is
pursuing long neglected areas, hence its letter of intent (LoI) with a Ghanian
company, Bengal Bight Ghana Ltd., in March to acquire 100% interest in the
hydrocarbon rights of Bengal's 1,000 sq. km. Tiampoum mining concession in
Cote d'Ivoire, near the border with Ghana. Previously, GXX acquired 90% of
Liberian company International Resource Strategies Liberia Energy Inc., whose
sole asset is the onshore 1,366 sq. km. hydrocarbon reconnaissance license
NR-001 within the Roberts and Bassa Basins of south coastal Liberia. Seepages
in this area indicate a possible Palaeozoic system to be investigated.
"West Africa has shown increased promise to develop new hydrocarbon
deposits in areas such as onshore Liberia, where previous exploration was
never completed due to political concerns within the country," said Patrick
Morris, President and CEO of GXX. "Thankfully, the Liberian political
situation has become stable in recent years, with the local government
encouraging international investment to further exploration for natural
resources. Our strategy is to be entrepreneurs, to be explorers, and add
value for our shareholders."
Under the Liberia agreement, GXX is required to spend a minimum of $1.75
million on reconnaissance work, and the contract can be renewed for an
additional 12 months. Upon successful reconnaissance work, GXX will have
first right of refusal to apply for a production sharing contract over the
target area. African Energy reported the company is preparing to carry out an
aeromag survey over the acreage, followed by seismic.
GXX's Cote d'Ivoire prospect is also moving forward with the company
currently preparing a "definitive" agreement, according to Morris. African
Energy also reported the company is busy raising the necessary funds for
exploration and recently raised a first tranche of C$900,000 (USD $815,615).
The Cote d'Ivoire asset has the same exploration program - acromag and
seismic. The Ghanian Bengal Bight company holds the concession as part of an
underlying option agreement from an Ivorian company, Enchi-Proci CI.
"Bengal Bight facilitated the block in Cote d'Ivoire," Morris told
African Energy. GXX agreed to pay $30,000 to Bengal upon the signing of the
LoI; pay up to $150,000 to Enchi-Proci to acquire the license outright, and
pay $70,000 upon the license buyout to Bengal and issue shares and warrants to
About the oil seeps and tar mats that are visible in the license area,
"it's amazing it hasn't been developed before," Morris said.
For further information:
For further information: Patrick Morris, +1-604-641-4450;