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Offshore
| Georgetown Licence |
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In
June 2002, we acquired a 25% interest from AGIP in the 2.8 million-acre
Georgetown Licence |
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The
Licence is subject to a Confidentiality Agreement with Repsol, but
the term, work program and fiscal regime is similar to our Corentyne
Licence |
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On September 9, 2008, CGX announced that YPF Guyana Ltd., a subsidiary of Repsol YPF, operator, awarded a 1,650 sq km 3-D seismic contract for the Georgetown License - for additional information, please see CGX Confirms 3D Seismic Program for Georgetown |
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3-D seismic program commenced offshore October 14, 2008 |
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On November 12, 2008, Tullow announced that it had reached an agreement with the YPF Group to farm-in for a 30% working interest on the Georgetown Block |
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On January 22, 2009, the 3-D seismic program was completed on time and on budget. The program was expanded to 1,839 sq km |
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On January 7, 2010, parties to the Georgetown Licence, being Repsol Exploración S.A. (15%), YPF Guyana Limited (30%), Tullow Guyana BV (30%) and CGX Resources committed to a Second Renewal Period. As required under the Georgetown PPL, approximately 30% of the area under licence has been relinquished back to the Government. |
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During the Second Renewal Period there is a minimum work commitment for one exploration well. |
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The partners have committed to drill a well in 2011. The Jaguar well will target the Turonian formation, the same formation as CGX's Eagle Deep prospect. |
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