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CGX undertakes major seismic survey

Jun 08, 2008 News

Toronto, Ontario – CGX Resources Inc. has awarded a 500-square-kilometre 3D US$13 million marine-seismic contract to Fugro-GeoTeam.
Fugro’s seismic vessel, ‘R/V Geo Pacific,’ will undertake the four-week contract, commencing next month, using a dual-airgun 8 x 6,000 metre solid-state streamer spread. “This 3D seismic will fulfill the minimum work commitment on our Corentyne Petroleum Prospecting Licence through its First Renewal Second Phase,” stated Warren Workman, Vice-President of Exploration for CGX.
“The programme has been designed to cover the four prospects for which Gustavson Associates LLC of Boulder, Colorado, in a report dated January 3 last, calculated the total best estimate (P50) prospective resource to be 2.7 billion barrels of oil.  The most significant leads are a series of structural traps in the Upper Cretaceous that we’ve called our Eagle Deep targets within our Corentyne PPL. These are the types of plays that, if successful, will confirm the Guyana /Suriname basin as being world class. We look forward to further refinement of our interpretation with 3D seismic, and testing of our concepts by drilling an exploration well.”
CGX is a Canadian-based oil and gas exploration company focused on exploration for oil in Guyana. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, U.S.A. and the UK.

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