CGX contracts Guyana 3D seismic survey

CGX Resources Inc. has contracted Fugro-GeoTeam to conduct a 500 sq km (193 sq mi) 3D seismic survey offshore Guyana/Suriname.

Offshore staff

TORONTO, Ontario -- CGX Resources Inc. has contracted Fugro-GeoTeam to conduct a 500 sq km (193 sq mi) 3D seismic survey offshore Guyana/Suriname.

TheR/V Geo Pacific is scheduled to begin the four-week, $13-million contract this summer using a dual airgun, 8 x 6,000 m solid-state streamer spread.

"This 3D seismic will fulfill the minimum work commitment on our Corentyne Petroleum Prospecting License through its First Renewal Second Phase" says Warren Workman, vice president of Exploration for CGX.

"The program has been designed to cover the four prospects for which Gustavson Associates Llc calculated the total best estimate (P50) Prospective Resource to be 2.7 Bbbl of oilm," he says. "The most significant leads are a series of structural traps in the Upper Cretaceous that we have called our Eagle Deep targets within our Corentyne PPL. These are the types of plays that if successful will confirm the Guyana/Suriname basin as being world-class. We look forward to further refinement of our interpretation with 3D seismic and testing of our concepts by drilling an exploration well."

06/06/2008

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