Our
analysis supports a continuation of the turbidite trend identified
at Eagle and Wishbone with three giant prospects each having > 0.5
billion bbl resource potential
2D
seismic was shot in 1999 on a five km grid; additional seismic on a minimum
two km grid, such as was shot on Eagle and Wishbone, is required prior
to drilling
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
3-D seismic program commenced offshore October 14, 2008
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
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 and the data acquired was interpreted by Repsol as operator.
On January 7, 2010 the partners to the Georgetown Licence entered
into the Second Renewal Period which provides for the drilling of an exploration well within 18 months. Processing and interpretation of the recently acquired 1,839 sq km 3D seismic is well advanced for the selection of the location for the commitment well.
