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Offshore
| Georgetown Licence
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Berbice Canyon |
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Repsol
has identified a resource potential of >1 billion barrels in three
prospects at the base of the paleo-Berbice Canyon feature |
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Based
on well data from our Horseshoe location, we believe there is a high
risk of an effective seal for those specific prospects |
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Nevertheless,
we are encouraged by the supporting analysis on source rock, timing
and migration |
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3-D
seismic would be required to support drilling |
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An 1,839 sq km 3-D
seismic program was completed on January 22, 2009 and processing and interpretation is well advanced for the selection of the location for the commitment well under the Second Renewal Period - see CGX Energy Reports on Georgetown Licence Renewal - Committed to Second Well
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