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Regional News

November 23, 2009
CGX targets drilling for second half of next year
Stabroek News

Canadian oil exploration company, CGX Energy says that it will drill offshore of the Corentyne in the second half of next year.

The company’s president Kerry Sully conveyed this to President Bharrat Jagdeo at a meeting on Saturday. “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 program undertaken by CGX succeeded in delineating a highly promising drilling target and CGX has developed and is now actively advancing its drilling program in Guyana’s Corentyne region aimed at multiple targets”, Sully said in a press release.

The meeting follows Jagdeo’s public statement earlier this month that the company needs to move beyond talk and move on to drilling.

The release stated that Sully conveyed “CGX’s appreciation of the ongoing support of the President of Guyana and of its government and people”. He also reported on several developments on the company’s exploration and drilling plans on its Corentyne concession.

Ongoing are the data interpretation on the recently completed seismic program identifying the drilling location and CGX’s drill design program customized to the requirements of the selected drill location. It was also stated that the Strategic Environment Assessment is already in an advanced stage of finalization with the appropriate Agencies in Guyana.

In addition, CGX has undertaken preparations for developing the necessary onshore staging and storage facilities in support of the drilling program and the company also discussed its projections for exploration activities in its license concessions in Guyana beyond the Corentyne area.

Several months ago, Sully had told the media here that that the company will not be doing any drilling this year and indicated that drilling could be done in CGX’s Corentyne block next year. There had been high hopes for CGX’s exploration offshore since 2000. However Suriname’s eviction of an oil rig and other challenges delayed exploration in the most feasible offshore areas.

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