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Regional News

November 22, 2009
CGX meets with President Jagdeo: To start drilling next year
Kaieteur News

CGX Energy Inc., that was criticized a few days ago by President Bharrat Jagdeo, has announced that it is scheduled to start drilling in the second half of next year.

Yesterday, CGX President Kerry Sully met with President Jagdeo in Georgetown, according to a statement from the company.
President Bharrat Jagdeo

President Bharrat Jagdeo

We were happy to report to the President that CGX is scheduled to drill under the Corentyne license in the second half of next year. The 3D seismic programme undertaken by CGX succeeded in delineating a highly promising drilling target and CGX has developed and is now actively advancing its drilling programme in Guyana’s Corentyne region aimed at multiple targets.

Sully, in the statement, also expressed CGX's appreciation of the ongoing support of the President of Guyana and of its government and people.

So far in its exploration and drilling plans for the Corentyne concession offshore Guyana, CGX Energy reported that it has data interpretation on the recently completed seismic programme identifying the drilling location and has customised the requirements of the selected drill location.

The Strategic Environment Assessment is already in an advanced stage of finalisation with the appropriate Agencies in Guyana. CGX has undertaken preparations for developing the necessary onshore staging and storage facilities in support of the drilling programme.

CGX also discussed its projections for exploration activities in its license concessions in Guyana beyond the Corentyne area.

Recently, the President said that he has made it clear to CGX that the company needed to move “beyond talk now to putting down a well.

CGX's President, Kerry Sully

CGX Energy Inc. is a Canadian-based oil and gas company focused on exploring for oil in the Guyana-Suriname basin. Its licences in Guyana cover 9.5 million gross acres, 7.2 million net.

In 1996, the founders of CGX began negotiations with the Government of Guyana to acquire an offshore concession to explore for oil.



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