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Regional News

October 10, 2010
CGX looks to drilling by others to boost confidence level - Sully confident of gains with outlook for oil prices
Kaieteur News

With other oil exploration companies looking to drill shortly offshore Guyana, Canadian oil exploration company, CGX, is looking to those results to gauge its success in finding oil.

“The really exciting part is that we will first benefit as an area play by the end of October with drilling by others,” said Kerry Sully, President of CGX, in an interview with David Prescod’s Stocktalk.

He said the rig that is going to be used for most of the initial wells in the basin is the Atwood Beacon that is currently in transit from West Africa. The first well is going to be drilled by Murphy Oil Corporation starting in late October and Sully said this is similar to the prospect that CGX is going to drill with its partners Repsol, YPF and Tullow.

Atwood Oceanics announced that its Atwood Beacon rig has been awarded a contract by a group of companies for work offshore Suriname and Guyana. The operator group at present consists of Murphy Suriname Oil, Repsol, and Teikoku Oil (Suriname).

The programme consists of four wells over 210 days. Murphy’s second well is a look alike to one that CGX intends to drill.

“Once that drilling is done, the rig will move to drill for Inpex, a Japanese company. They are going to be drilling close to our acreage into the Cretaceous (a geological formation) rock and testing a couple of different formations,” he said.

Sully said that the Jaguar well in which CGX has a 25 per cent interest, is scheduled for the second quarter of 2011 on the Georgetown block. The Eagle well, in which CGX has a 100 per cent interest, will probably be drilled in the third quarter, “depending on who we bring in as a joint venture partner.”

CGX recently invested US$20 million and has US$27 million working capital for its project in Guyana.

The Guyana/Suriname Basin has a proven hydrocarbon system and there is a billion barrels oil-in-place – 180 million barrels recoverable – onshore Suriname that is currently producing. The oil’s typed to a well Shell drilled in 1975 that is in the middle of the CGX license area.



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