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Regional News

June 10, 2011
Rig to drill Georgetown well due to arrive in August
Business News Americas

A rig is expected to arrive in August to drill an exploration well on the Georgetown license offshore Guyana, the country's government information agency quoted Prime Minister Samuel Hinds as saying.

Hinds made the announcement following a visit to the site at Water Street, Georgetown, that Repsol YPF (NYSE: REP) will use as an operations base.

The Spanish major is operator of the license that includes participation of CGX Energy (TSX-V: OYL) and Tullow Oil.

"The US$110mn project is said to be the first offshore drilling attempt in Guyana in 10 years and is anticipated to last six months," said the report.

Tullow announced in mid-May that a well on the Jaguar prospect in the Georgetown acreage was due to spud end-July. The company has pegged the gross upside at 700Mboe.

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