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CGX gears to begin drilling

Jan 09, 2010 News

As the administration continues work toward ensuring that Guyana remains socially, economically and environmentally sound, recent developments in the energy sector are indicative of forthcoming stability.
CGX Energy Inc., the Canadian-based oil and gas company, focused on exploration for oil in Guyana, has announced that the parties to the Georgetown Petroleum Prospecting Licence, have renewed existing agreements with the Georgetown Petroleum Prospecting Licence (PPL) offshore Guyana, thereby entering into the Second Renewal Period.
Managed by a team of experienced oil and gas and finance professionals from Canada, the United States and the United Kingdom, CGX is financed internationally and has thousands of shareholders worldwide.
The specific parties to the renewal agreement include operator Repsol Exploracion S.A (15%), YPF Guyana Limited (30%), Tullow Guyana BV (30%) and subsidiary of CGX energy, CGX Resources Inc. (25%),
According to a CGX release, during the first 18 months of the Second Renewal Period there is a minimum work commitment of one exploration well. In transition to the Second Renewal Period and as required by the Georgetown PPL, approximately 30 percent of the area under contract has been relinquished to the Government.
The release added that processing and interpretation of the recently acquired 1,839 sq km 3D seismic is well advanced for the selection of the location for the commitment well.
President and Chief Executive Officer (CEO) of CGX stated, “On November 21, 2009, CGX announced it was scheduled to drill on its 100 percent Corentyne PPL during the second half of 2010. With the renewal of the Georgetown PPL, CGX will be participating in a second well in the basin.”

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