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Regional News

September 27, 2010
Drilling for oil in Guyana / Suriname Basin to start next month - rig on its way
Guyana Times

Atwood Beacon is to start drilling for oil in the Guyana/ Suriname Basin next month.

Guyana Times understands that Atwood Beacon, contracted by CGX Energy, is mobilising its rig to the Guyana/ Suriname Basin via Trinidad, having completed operations in the Ivory Coast, Africa.

The Atwood Beacon ( operated by Atwood Oceanics Pacific Limited) has been awarded three separate contracts by an operator group for work offshore of Suriname and Guyana.

The three-member operator group includes Repsol Exploración S. A, which is the operator of the Georgetown PPL in which CGX holds a 25 per cent participating interest.

The contracts provide for a program consisting of four wells at an operating day rate of approximately US$115,000 and have a minimum duration of 210 days.

CGX is in discussions with Atwood Oceanics and the Operator Group to add a fifth well to the pro gram for CGX’s 100 per cent owned and operated Corentyne PPL. CGX announced earlier this year that an independent resource assessment by Gustavson Associates LLC of Boulder, Colorado, USA for three prospects on the company’s Corentyne offshore Petroleum Prospecting Licence ( PPL) has indicated an estimated 2.8 billion barrels of oil off Guyana’s Corentyne shore.

“Using probabilistic analysis, Gustavson calculated a total best estimate ( P50) Prospective Resource as of February 1, 2010 in three prospects to be 2.8 billion barrels of oil,” the Canadian- based CGX said in a statement.

The report is limited to an estimate of the potential undiscovered oil and gas prospective resources underlying the Corentyne Offshore PPL, and CGX said the assessment was done in an area covering approximately 9,180 sq kilometres net.

In 2000, CGX’s rig was sent out of Guyana’s waters by Suriname gunboats as it was about to embark on drilling a well in the most promising area. This led to a diplomatic emergency between Guyana and Suriname and years of futile talks.

A United Nations tribunal settled the dispute in 2007, awarding Guyana sovereignty over more than 12,837 sq miles of the coastal waters, while Suriname received 6,900 sq miles.

CGX Energy is a Canadian- based oil and gas exploration company focused on exploration for oil. CGX is managed by a team of experienced oil, gas and finance pro fessionals from Canada, U. S. A. and the UK. CGX is financed international ly, and has thousands of shareholders worldwide.

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