Egyptian Authorities approved Deed of Assignment between Groundstar Resources and
Aegean Energy (Egypt) Limited in the West Kom Ombo block

Energean Oil & Gas is pleased to announce that the Egyptian Ministry of Petroleum has
approved the Deed of Assignment for the transfer of the 60% net interest in the West Kom Ombo
Block from Groundstar Resources to Aegean Energy (Egypt) limited a subsidiary of (Energean Oil &
Gas Group of companies). A further 20% is expected to be approved through a series of
transactions resulting in a final holding of 80% for Energean Oil & Gas; moreover it will be the
operator of the Block and Groundstar retains a 10% net carried interest.

Additionally all regulatory approvals for drilling preparations has been obtained and requirements
for drilling the first exploration well are in their final stage, the access road and the drill site pad
have been completed , long lead items have been acquired and the drilling contract has been
awarded to Sino Tharwa Drilling Company. The timing for commencement of drilling operations
will be by the end of November.

Location of the first exploration well West Kom Ombo ‐1 will be in prospect A1 in the East of the
West Kom Ombo block in proximity to Al Baraka field. Data acquired from West Kom Ombo ‐1 will
give further information for future exploration within the block.

About Energean Oil & Gas
Energean Oil & Gas Group through its subsidiaries is a private international upstream oil and gas
exploration and production group of companies with a Mediterranean and North African Region
focus with oil and gas assets currently operated in Greece and Egypt. Aegean Energy (Egypt)
Limited (subsidiary of Energean Oil & Gas) operates also the offshore East Magawish concession in
the Gulf of Suez. For further information about Energean Oil & Gas please visit
www.energean.com

About Groundstar Resources Limited
Groundstar is a publicly traded Canadian junior oil and gas company actively pursuing exploration
opportunities in Guyana, North Africa and the Middle East.
For further information please contact Mrs.Halina Dana T: +30 210 94 64 880 hdana@energean.com