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Corentyne (100%)

The original Corentyne License issued in 1998 comprised 2.8 million acres, 2.5 million acres of which were  offshore and comprised 1.5 million acres on the Corentyne license and 1.0 million acres on the Corentyne Annex, and .3 million acres onshore. Effective November 27, 2012, CGX transitioned to a new Corentyne petroleum agreement and petroleum prospecting license, renewable after four years for up to ten years. The new Corentyne License applies to the offshore portion of the original Corentyne license and comprises 1.5 million acres (6,212 square kilometres).

In January 2012, CGX completed an 1,160 sq km 3D seismic program to better image the up-dip limits of the Eagle Deep stratigraphic play at the Turonian and Campanian and obtained data on two Albian prospects, Crabwood and Kabukalli.  The 3D seismic program was performed by Petroleum Geo-Services (PGS) utilizing their dual-sensor GeoStreamer® technology and was completed under time and under budget.

November 29, 2011, CGX contracted the Ocean Saratoga semi-submersible drill rig to drill the Eagle-1 well which was planned to a total depth of 4,200 metres to test the Eocene and Maastrichtian geologic zones. The Eagle-1 well commenced drilling on February 13, 2012 and completed drilling on April 25, 2012.  During drilling, the Eagle-1 well encountered oil and gas shows through the objective Eocene and Maastrichtian geologic zones indicating an active petroleum system where generated hydrocarbons have migrated through the pre-Miocene section drilled by the Eagle-1 well.  Although wire-line logs provided encouraging results with high resistivities correlating with sandstones that had encountered oil shows, additional open hole logs were necessary to determine the nature of the fluids in those zones. The Company performed CMR (combined magnetic resonance) and MDT (modular formation dynamics) tests on the Eagle-1 well and both logs identified the presence of good quality sandstone reservoirs that unfortunately proved to be water bearing.  

CGX has obtained three independent resource estimate for prospects and leads on the Corentyne License. The independent resource estimate by Gustavson Associates dated May 17, 2012 provides for a P50 resource estimate of 2.5 billion barrels for two targets – Eagle Upper Turonian (1.2 billion barrels) and Lower Turonian (1.3 billion barrels).  The independent resource estimate by DeGolyer and MacNaughton dated June 15, 2011 provided for a P50 resource estimate of 0.3 billion barrels for two Albian targets (Kabukalli and Crabwood).  The 2012 Gustavson Report was prepared utilizing the 3D seismic data acquired by Fugro-GeoTeam in 2008 and took into consideration Eagle-1 well drilling results and the 2011 DeGolyer and MacNaughton Report was prepared utilizing the 2D seismic data acquired by Western Geophysical in 1999.  

Subsequent to interpretation of the PGS 3D seismic data that was acquired in early 2012 which yielded five new prospects, CGX commissioned DeGolyer and MacNaughton to prepare an updated report.  The 2013 DeGolyer and MacNaughton Report dated March 19, 2013 provides a total best estimate (P50) of Prospective Resources for six oil and gas prospects of 779 million barrels of oil, 743 million barrels of condensate, 6,943 billion cubic feet of sales gas plus 696 billion cubic feet of solution gas (see table below).  If the estimate of gas resources were converted to oil on a 6:1 btu equivalence, and if the estimate of solution gas resources associated with the oil prospects were converted to sales gas assuming a 5% shrinkage, the arithmetic sum would be 2,789 million barrels of oil equivalent.  

DeGolyer and MacNaughton
Gross Prospective Resource Estimate
Units Low Best High Mean
Note: bcf – billion cubic feet; 106bbl – million barrels; Arithmetic Summation may not appear to add due to rounding
Oil Prospects
Eagle Deep Campanian 106bbl 29 83 225 109
Kabukalli Campanian + Albian 106bbl 207 465 1,085 574
Simri Albian 106bbl 5 12 29 15
Crabwood Albian 106bbl 4 12 33 16
Buteo Maastrichtian 106bbl 28 82 186 99
Arithmetic Summation Oil 106bbl 274 654 1,559 813
Statistical Aggregation
Oil 106bbl 535 779 1,134 813
Solution Gas bcf 508 696 954 717
Eagle Deep Turonian Gas
Sales Gas bcf 3,578 6,943 12,306 7,569
Condensate 106bbl 577 743 958 758

CGX intends to drill its Eagle Deep and to test all geologic zones that are present on the Corentyne offshore license. Under the terms of the new Corentyne License, CGX has a commitment to drill two wells by November 27, 2016.



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