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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

Energy Oil & Gas E&P
CGX Energy Inc. is a Canada-based oil and gas exploration company. The Company is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in the Berbice, Guyana. The Company holds interests in three petrol prospecting licenses, such as Corentyne, Berbice, and Demerara Blocks in the Guyana Basin. The Company has drilled two operated exploration wells on its offshore Corentyne Block and drilled three more exploration wells on its onshore Berbice Block. In addition, it has acquired and processed over 7,000 square kilometers of three-dimensional (3D) seismic data on its offshore licenses. The Company through its wholly owned subsidiary, Grand Canal Industrial Estates Inc. The Company is engaged in the development of the Berbice Deep Water Port in Region 6, Guyana. Its other subsidiaries include CGX Resources Inc., ON Energy Inc., and others.


TSXV:OYL - Post by User

CGX Energy Inc
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Post by OIL_RUNon Aug 24, 2011 2:04am
1009 Views
Post# 18973710

Tullow Updates - Zaedyus / Jaguar

Tullow Updates - Zaedyus / Jaguar

NEWS RELEASE AUG-24-2011

French Guiana

The ENSCO 8503 rig commenced drilling the Jubilee-type Late Cretaceous Zaedyus prospect in March. The objective of this wildcat well is to test the Jubilee play across the Atlantic in a new potential hydrocarbon province where Tullow has secured a commanding acreage position. Delays have occurred during the drilling of this deepwater wildcat well for a number of reasons; in particular, issues have arisen from drilling in a new basin with little or no comparative data. The rig also had to handle periods of increased ocean currents and some hole instability. The final section of the well is now being drilled and results are expected in September.

Guyana

The Atwood Beacon jack-up, contracted to drill the Late Cretaceous Jaguar prospect in Guyana, has been delayed due to operational and weather delays on previous wells. The rig is now anticipated to commence the Jaguar well in the fourth quarter of 2011. The well is expected to take 180 days to drill.

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