CGX awarded revised license offshore Guyana

CGX has been granted a new petroleum agreement (PA) and petroleum prospecting license (PPL) for the Corentyne area offshore Guyana.

Offshore staff

TORONTO – CGX has been granted a new petroleum agreement (PA) and petroleum prospecting license (PPL) for the Corentyne area offshore Guyana. This can be renewed after four years for up to 10 years.

The new Corentyne PA applies to the former offshore portion of the Corentyne PPL, covering 6,212 sq km (2,398 sq mi). CGX has an obligation to drill two wells.

Kerry Sully, CGX president and CEO, said the arrangement “will allow us to start contracting services and supplies for Eagle Deep, the well we have planned to explore the Turonian in the Corentyne PA. Eagle Deep will be a high-pressure/high-temperature (HP/HT) well, similar to theJaguar well drilled earlier this year in which CGX held a 25% participating interest.

“Although that well did not reach the target zone, much was learned that will benefit the drilling of Eagle Deep and other deep wells in the basin. Because of the long-lead time required for HP/HT wells, drilling is forecast for the first quarter of 2014. A number of shallower prospects have also been identified using data from recent drilling and3D seismic.”

12/04/2012

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