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CGX gets more time to spud Guyana well

TORONTO, Canada -- CGX Energy provided an operational update on its exploration assets in Guyana.

At the company' s 100% owned Corentyne petroleum prospecting licence (the "Corentyne PPL") located offshore Guyana, the reprocessing and merging of the existing seismic surveys is now complete.  The company continues to have a technical data room available at its Houston offices and is working towards farming out a portion of the Corentyne PPL to a joint venture partner.

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

The results of the reprocessing have assisted in confirming and enhancing the geological assessment of the block. The company has made this information available in its data room and potential joint venture partners are in the process of reviewing the data. While these AVO analysis and results are subject to the uncertainties associated with geophysical/geological modeling, the company is encouraged by the results and remains optimistic about a potential discovery of hydrocarbons in the basin.

CGX Energy has entered into a definitive rig agreement with Japan Drilling for the provision of rig services. Under the terms of the agreement, the company has procured the use of the jack-up drilling rig known as the "HAKURYU-12" rig.

In an effort to significantly reduce drilling costs, the company has simultaneously entered into a rig sharing agreement with Teikoku Oil (Suriname), a wholly-owned subsidiary of INPEX. The HAKURYU-12 rig, which is owned by BOT Lease, is currently under construction at the PPL Shipyard in Singapore and will be mobilized to the first drilling site after completion in January 2015.

CGX Energy received a five month extension to its spud date deadline at the Corentyne PPL. The Government of Guyana granted approval of an extension on the spud date on the first commitment well from May 31, 2015 to October 31, 2015. The extension was required to ensure that the HAKURYU-12 rig will have sufficient time to arrive in Guyana prior to the commencement of the weather window.

CGX Energy has commenced the procurement process in order to complete its 2014 work commitments on its 100% owned offshore Demerara petroleum prospecting licence (the "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.

06/24/2014

 

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