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November 30, 2012
CGX clinches new oil exploration deals with government
Guyana Chronicle

CGX ENERGY Inc, the Canadian-based oil and exploration company operating in Guyana, has received the green light to drill at least two wells under a new Corentyne Petroleum Agreement (PA) and Petroleum Prospecting Licence (PPL) granted by government, effective Monday last.In a media release yesterday, President and Chief Executive Officer (CEO), Mr. Kerry Sully said the PA is renewable after four years for up to ten years and applies to the former offshore portion of the Corentyne PPL, covering 6,212 square kilometres.

The basis for the new PA is Guyana's revised specimen agreement but the terms and conditions are similar to the former.

Under its terms, CGX has an obligation to drill two wells during the initial four years.

Sully said: “We are very pleased to be issued this new PA. It will allow us to start contracting services and supplies for Eagle Deep, the well we have planned to explore in the Turonian (a layer of an age in the geological time scale between 93 and 89 million years ago).”

He explained that Eagle Deep will be a high pressure high temperature (HPHT) well, similar to the Jaguar drilled earlier this year, in which CGX held a 25 percent participating interest.

Sully said, because of the long lead time required for HPHT wells, drilling is forecast for the first quarter of 2014. A number of shallower prospects have also been identified using data from recent drilling and 3D seismic.

Will benefit

He stated that, although the Jaguar well did not reach the target zone, much was learned that will benefit the drilling of Eagle Deep and other such wells in the basin.

With respect to the Georgetown PA, Sully said: “The application is in process under the direction of Repsol Exploración S.A. (‘Repsol’), as operator, with the Government of Guyana and the contemplated farm-out of five percent of CGX's 25 percent interest in it, announced on October 1, is no longer under consideration.”

Professor Suresh Narine, Chairman of CGX said: “With this licence, CGX will now aggressively continue its exploration of the exciting Guyana-Suriname basin.”

He said the commitment by the company to the government and people of Guyana and the Basin has been unwavering over the past 14 years, during which time CGX had undertaken more exploration activity than any other company.

“We wish to thank the government and the people of Guyana for their continued confidence in CGX and look forward to drilling at least two new wells in the Corentyne PA within the next four years, as part of our planned basin-leading exploration activity,” Narine said.

He added: “In doing so, we aim to employ the best science and technology available to target the prospects identified, armed with significantly more knowledge of the Basin's geology from the drilling of Eagle Shallow and the Jaguar-1 well.”

Application has also been made by CGX for new PAs to be issued for the former Annex PPL, the onshore portion of the Corentyne PPL and the Berbice PPL, Narine revealed.



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