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CGX negotiating with new investors

Sep 21, 2012 News

Canadian oil exploration firm, CGX Energy, which failed to find oil in commercial quantities earlier this year, says it has started to negotiate with third parties to analyse its well and seismic data.
Additionally, the company has applied to the Guyana Geology and Mines Commission (GGMC) for an extension of its onshore and offshore concessions, some of which are due to expire in late November.
CGX failed to find oil in commercial quantities in concessions offshore Corentyne, Berbice, and had announced that it was still interested in drilling for oil in Guyana and as such was re-examining its options.
According to the company yesterday, it is on full steam to continue exploration in its Petroleum Prospecting Licences (“PPL”) in Guyana.
Kerry Sully, President and CEO, in a statement said, “CGX is negotiating agreements with third parties that may lead to farm-outs on one or more of the Company’s PPLs. Under one agreement, the company will receive minimum non-refundable payments of US$4M in consideration of granting the third party an opportunity to receive and analyze seismic and well data.”
On the Company’s 25% held Georgetown PPL, CGX also disclosed that GGMC’s Petroleum Division has been directed by the government to work with Repsol towards formalising arrangements to facilitate their “seamless continuation in exploring the Georgetown Block. The current tenure for this section should expire in late November 2012.”
Repsol, a Spanish company, was forced to cap the well off the Georgetown concession after it became dangerous because of pressure levels. The abandonment of that well had dashed Guyana’s hopes for the second time this year.
The partners to the Georgetown PPL include Repsol Exploración S.A. (15%), as operator, CGX Resources Inc. (25%), Tullow Oil plc (30%) and YPF Guyana Limited (30%).
CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area in which the United States Geological Survey estimated a Pmean oil resource potential of 13.6 billion barrels in their assessment of Undiscovered Conventional Oil and Gas Resources of South America and the Caribbean, 2012.
Guyana is desperate to find oil amidst high global prices.

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