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Regional News

October 15, 2008
Seismic Work Starts Offshore
GEORGETOWN, GUYANA

GEORGETOWN, GUYANA - CGX Energy Inc yesterday announced that the 3D seismic programme for its petroleum exploration has commenced offshore in the once- disputed Guyana Basin.

In a press release yesterday, the company said that it is undertaking a 536 square kilometre 3D programme on its 100 per cent held Corentyne Petroleum Prospecting Licence ( PPL).

CGX is participating with YPF Guyana Ltd., a subsidiary of Repsol YPF, in a 1,650 square kilometre 3D programme on the adjoining Georgetown PPL, in which CGX holds a 25 percent interest.

The Fugro- GeoTeam, utilizing its seismic vessel R/ V GeoPacific , is undertaking the 3D marine- seismic programme.

"We are pleased that the programme has now commenced after a delay in the vessel arriving in Guyana due to weather in the Caribbean. During the current global credit crisis, we are fortunate to be fully funded for this program that we estimate to be approximately US$ 16 million," stated Kerry Sully, President and CEO of CGX. Back in March, Sully had said that although high oil prices made the search for a seismic vessel difficult, the company had been in the process of working with some contexractors with the hope of commencing seismic work during this year.

Sully made it clear that although the seismic work will commence, there will be no drilling just yet.

In June 2000, a drilling rig leased by CGX from an American drilling contractor and operating under licence from the Government of Guyana was forced off its Eagle drilling location by Surinamese navy gunboats.

After the announcement of the award last September, Sully had said that the decision was "extremely positive for CGX", as it concluded that 93 percent of CGX's Corentyne Licence and 100 percent of its Georgetown Licence fell in the territory awarded to Guyana. In December the CGX President had indicated that if the company in a joint venture effort had been able to procure a seismic rig earlier than expected, then the drilling could have commenced before 2009.

The company has also announced that it has retained Jefferies Randall & Dewey, a division of Jefferies & Company, Incorporated, as its advisor to market the joint venture opportunity on its Corentyne PPL located offshore Guyana. He had expressed encouragement at the level of interest that has been expressed in the joint venture process.

During the last year, CGX had received a number of unsolicited expressions of interest from international oil and gas companies regarding the possibility of participating in the exploration of the Corentyne PPL. Sully had said in December that the shooting of 500 square kilometres of 3D seismic before drilling was a good idea since this would accurately pinpoint the opportunities for oil better than the 2D seismic - done around 1999 - could have.

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