RE: Interim Financial Statements Just went through the reports filed on SEADR - not much additional information.
However, it does mention that the Corentyne PPL covers two PPL: i) The Annex PPL; ii) Corentyne PPL. Interestinly the Corentyne PPL us also split into two components: i) exploration rights offshore (owned 100% by CGX Energy); ii) exploration rights onshore owned 100% by ON Energy (which CGX ownership interest is 62%.
What this indicates is that CGX could fullfill their minimum work obligations on the Corentyne Block by drilling an onshore well by June 2013. I did not know this!
I did read a recent article that made reference to CGX looking to drill an onshore well - but, did not add 2 and 2 together.
This option to drill an onshore well to meet the minimum work requirement sounds interesting - assuming Guyana grants CGX an extension on the Corentyne Block. Drilling an onshore well (approx. $7M gross) is far less expensive than drilling an offshore well (at least $50M shallow; $160M deep).
So, this option (drill an onshore well on the Corentyne Block to meet minimum work requirement by June 2013) may give CGX the opportunity to leverage and focus on potential success of a re-drill at Jaguar-2. However, this assumes CGX is granted an extension.
Just an interesting observation and option that seems available for CGX to consider. I would think CGX would be looking at this option very closely.