Commodity Online
VANCOUVER: With reduced political and security risks and the recent 1.8 billion barrel discovery in West Africa’s largest oilfield, the jubilee in Ghana have all helped in making West Africa a hot destination for oil and gas exploration and production.

Patrick Morris, CEO of Vancouver-based Gold Star Resources Corp (OTC Bulleting Board: GXXFF; TSX-V, GXX), a junior exploration company, said that the region offers “unparalled opportunities” for major and independent oil and gas companies.

The new African foreign policy by recently elected US President Barack Obama is also helpful in making West Africa a hot destination for oil exploration, he said.

According to Morris, "For a long time West Africa has been off the radar of the international community because of messy politics and brutal civil wars. Also, apart from Nigeria and Gabon, there had been the disappointing size of oil discoveries made at times of low oil prices. All this is now changing. Expectations by countries and oil & gas companies to discover new reserves in the region are high. Exploration and seismic research activities are underway in all countries of West Africa bar Burkina Faso and Cape Verde. Governments are also actively involved. For example, in Liberia, the National Oil Company of Liberia (NOCAL) is promoting oil and gas exploration and development of its hydrocarbon resources along its continental shelf and slope. The sub-region is also gaining global attention as calm has been restored to countries such as Liberia, Sierra Leone and Cote d' Ivoire, reducing security risks," Morris wrote in the June 10th issue of AFROIL, Africa Oil & Gas Monitor, an online publication of Newsbase Ltd., Edinburgh, Scotland VANCOUVER.

"The role of junior exploration companies is to set the trend," Morris said, " For example, Gold Star Resources is the first and only junior company to go after onshore oil and gas opportunities in Cote d' Ivoire and Liberia since the 1970s. Larger players are competing for offshore blocks all along the coast - but with no plans for any onshore exploration."

Gold Star Resources is pursuing long neglected areas and hence recently signed a Letter-of-Intent with Bengal Bight Ghana to acquire 100% of the hydrocarbon rights to the Tiampoum mining concession, approximately 1,000 square km, in Cote d' Ivoire. 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.

In January, Gold Star entered West Africa when it acquired 90% of the issued and outstanding shares of Liberia's International Resources Strategies Liberia Energy (IRSLE) 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.
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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 Gold Star Resources. "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." (Courtesy: PRNewswire)