CGX Energy sets sights on Guyana

June 20, 2014

CGX Energy Inc. announced the completion of reprocessing and merging of existing seismic surveys from the company’s 100% owned Corentyne petroleum prospecting license (PPL) offshore Guyana. The results of the reprocessing have assisted in confirming and enhancing the geological assessment of the block.

In an effort to attract investment partners for the Corentyne PPL, the seismic data has been made available for review at CGX’s technical data room in Houston.

In addition to the completion of the seismic reprocessing of the Corentyne PPL, a full elastic seismic inversion and amplitude variation with offset (AVO) has been completed and received from Vector Seismic Data Processing, Inc., which has contributed significantly to the risk assessment of the exploration prospects being considered for the next drilling campaign in the Corentyne PPL.

CGX joined forces with Japan Drilling Co., Ltd. for the provision of rig services for the project. Under the terms of the agreement, CGX has procured the use of the HAKURYU-12 jack-up drilling rig owned by BOT Lease Co., Ltd. Seeking to further reduce drilling costs, CGX has simultaneously entered into a rig sharing agreement with Teikoku Oil (Suriname) Co., Ltd., a wholly-owned subsidiary of INPEX Corp. The agreement stipulates that INPEX will drill the inaugural first offshore well in Suriname in 2015.

To ensure that the HAKURYU-12 rig will have sufficient time to arrive in Guyana from the PPL shipyard in Singapore where it is currently under construction, the Government of Guyana granted a 5 month extension to the 31 May 2015 spud date deadline. The extension provides CGX until 31 October 2015 to spud the first development well at the Corentyne PPL.

As a further commitment to the region, CGX Energy has commenced the procurement process on its 100% owned offshore Demerara PPL. The Company continues to examine methods to reduce the costs associated with the Demerara PPL's seismic survey and expects to be able to share these costs with other companies operating in the Guyana-Suriname basin.

Dewi Jones, chief executive officer of CGX Energy commented: "The Company currently has a number of initiatives that it is rigorously working on as it begins to fulfill its commitments in all three of its PPLs. The Company continues to believe in the potential of the basin and the discovery of hydrocarbons and also reaffirms its commitment to the successful completion of its work programs.”



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