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April 07, 2009
CGX drilling awaits ID of targets
Stabroek News

Oil-exploration company CGX Energy Inc is currently processing the 3-D seismic data acquired during its surveys, though it will be months before any decisions on drilling could be made, says Kerry Sully, President and Chief Executive Officer of the company.

He said that a large amount of data has to be processed, though most of it should be completed by later this month. By July, depth imaging should be done. The interpretation of the data would then follow and this is a process that would take months. Identi-fication of possible targets for drilling should be done later this year.

Sully, who spoke with Stabroek News by telephone yesterday, said processing of data had started since last November and the company is at a transition moment in interpretation. He said that it is a large amount of data that has to be processed and as an example, pointed out that computers much more powerful that the personal computers are being utilized with 6,300 central processing units being used simultaneously for 24 hours a day for three weeks.

Following the interpretation and analyzing of the data, locations for drilling will be identified. Asked about the effect of the global financial crisis on the company, he said that the company is well-financed and pointed out too that services such as drill rigs should be a little more available so there are both positives and negatives.

CGX, had in January completed the shooting of the 1,839 sq km 3-D seismic survey on its 25% offshore Georgetown Petroleum Prospecting Licence (PPL). Joint venture partners in the Georgetown PPL included CGX, Repsol (15%) and its subsidiary, YPF Guyana (30%), and Tullow Guyana BV (30%). The Georgetown survey was shot jointly with CGX’s 505 sq km survey on its 100% owned Corentyne PPL, which was completed in December last.

CGX has been wrapped up in the quest for oil here for nearly a decade.

In June 2000, a CGX rig was chased out of Guyana’s waters by Suriname gunboats as it was about to embark on drilling a well in the most promising area. This led to a diplomatic crisis between Guyana and Suriname and years of futile talks. The deadlock was broken when Guyana took its case to the UN Law of the Sea tribunal and secured a ruling largely in its favour in 2007. Since then, expectations have been high over CGX resuming its oil search. It however signalled that it had to do further seismic work.

CGX is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana basin. It is managed by a team of experienced oil and gas and finance professionals from Canada, USA and the UK. CGX is financed internationally and has shareholders worldwide.



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