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Regional News

November 23, 2009
Preparations well underway for drilling next year - CGX
Guyana Times

Canadian oil exploration company, CGX Energy Inc. said preparations for drilling next year are underway. The company will commence drilling of its Corentyne off-shore concession in the second half of 2010, after the 3D seismic programme it undertook successfully delineated a highly promising drilling target, according to company President and Chief Executive Officer Kerry Sully. According to a press release from the company, the announcement was made after the company met with President Bharrat Jagdeo on Saturday. In January 2009, the company completed a 2,344 square kilometre 3D seismic programme at a cost of US$15.5 million. In the overall update on its exploration and drilling plans for the Corentyne concession, CGX Energy Inc. said data interpretation on the recently completed seismic programme identified the drilling location and the drill design programme has been customised to the requirements of the selected location. The company added that the strategic environmental assessment is already in an advanced stage of finalisation with the appropriate agencies in Guyana. CGX Energy Inc. said it has undertaken preparations for the necessary onshore staging and storage facilities in support of the drilling programme. At the meeteing with the president, CGX also discusssed its projections for exploration activities in its concessions in Guyana beyond the Corentyne area. At a presentation in May this year, Sully had said that the discovery of oil off Guyana can triple Guyana's annual revenue and this could have a huge positive impact on the country's economy and infrastructure development. He further said the impact on per capita income will be very large, more so because there will be a number of infrastructure developments needed once discoveries are made and this will mean more jobs. The company believes that with a proven hydrocarbon system and leading-edge exploration technologies, the likelihood of a find is increased. Sully back then explained that it could, however, take another five to eight years - as is the normal around the world - before oil can be extracted in commercial quantities.

He added that the Guyana-Suriname Basin, where the drilling is to be done, is a new frontier and is the number two unexplored basin in the world, holding some 15.2 billion barrels of oil. The company is aiming to drill to a depth of about 22,000 feet at a cost of US$90 million. The government will benefit from 53 percent of the cash flow after operation expenses would have been deducted. At Saturday's meeting, Sully conveyed CGX's appreciation of the ongoing support of the president, government and people of Guyana. Before the meeting, President Jagdeo had told a news conference that CGX now has to move beyond talk to putting down a well. He said company officials will be here later this month. "They'll be here to talk about that and about their plans, specific plans, concrete action to move to that stge," he had stated.

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