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June 30, 2009
CGX wrapping up Corentyne processing, looks over the border - Guyana, Suriname
Business News Americas

Processing of seismic on Canadian company CGX Energy's (TSXV: OYL) 100%-owned Corentyne license offshore Guyana will finish within a month, CGX president Kerry Sully said in a webcast.

Interpretation will take another three months, Sully told shareholders at the company's annual meeting. In December, a 505km2 3D survey was completed on Corentyne.

Drilling could occur in the second half of next year, with half a dozen wells planned, he said. US firm Gustavson Associates has calculated a total best estimate (P50) prospective resource of four Corentyne prospects to be 2.7Bb of oil.

Due to a drop in well equipment and service costs, GGX envisions daily rig rates at less than US$150,000 versus a previous high of around US$225,000, he added.


Sully also announced he plans to meet with consultancy Jefferies Randall & Dewey the second week of July to discuss the reopening of a data room for a planned farm out of the license.

efferies earlier had recommended the process be put on hold due to the volatile crude oil price situation and until CGX acquired depth images.

The data room could reopen end-July, he said.

In Guyana, the company also holds a stake in the Georgetown offshore license.


Meanwhile, CGX has purchased a dataset in neighboring Suriname, according to company exploration VP Warren Workman.

"We think maybe down the road there are some opportunities there," Workman said.

In 2007, an international tribunal resolved a maritime border dispute between the two countries.



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