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CGX puts Corentyne joint venture process on hold

May 02, 2009 News

Canadian company CGX Energy’s (TSXV: OYL) joint venture process for its 100 percent-owned Corentyne license offshore Guyana is on hold, CGX President Kerry Sully said in a webcast, according to BNamericas.
“We’re now in discussions with Jefferies [Randall & Dewey] as to when the right time to reopen the data room is,” said Sully, adding the process could resume in June or as late as mid-July.
Jefferies recommended the process be put on hold due to the volatile crude oil price situation and until CGX has acquired depth images, according to the executive.

The company plans to farm out the cost of drilling on the license. In December, a 505 square-kilometer (195 square-mile) 3D survey was completed on Corentyne with processing and interpretation planned for this year.
“We’re well advanced in well design; we’re well advanced in environmental approval for this drilling operation, and we’re working our way towards a drill decision,” Sully added.
CGX aims to team up with other companies exploring in the area to lower costs.
In Guyana, the company also holds a stake in the Georgetown offshore license. (Energy Current)

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