CGX contracts 3D seismic survey offshore Guyana by PGS

CGX Resources Inc. has hired Petroleum Geo-Services to conduct a 3D marine seismic survey offshore Guyana.

Offshore staff

TORONTO– CGX Resources Inc. has hired Petroleum Geo-Services to conduct a 3D marine seismic survey offshore Guyana. The Ramform Challenger is scheduled to begin the five-week project in mid-December.

“This 3D seismic program has been designed to better image the up-dip limits of the Eagle Deep stratigraphic play at the Turonian and Campanian and to cover the two early Cretaceous, Albian prospects (Crabwood and Kabukalli) which are underlying the company’s 100% owned Corentyne offshore Petroleum Prospecting License (PPL) and for which CGX obtained an independent resources evaluation report from DeGolyer and MacNaughton of Dallas earlier this year that provided a total best estimate (P50) of prospective resources of 325 MMbbl of oil,” said Stephen Hermeston, president and CEO of CGX Resources.

“We are enthused about these prospects which CGX plans on pursuing subsequent to the drilling of the company’s Eagle-1 well that will test the Eocene and Maastrichtian trend.”

12/06/2011

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