SEPT-19-2012: REPSOL TO RECOMMENCE DRILLING... Well, certainly is positive news. Now that the extnesion has been granted on the Georgetown Block (unofficially) - we can now look to some forward movement here.
In addition, I would expect a similar announcement with respect to CGX's Corentyne and Annex Blocks in the near future.
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REPSOL TO RECOMMENCE DRILLING IN GEORGETOWN BLOCK
SEPT-19-2012 (see link: https://www.guyanatimesgy.com/2012/09/19/repsol-set-to-recommence-drilling-in-georgetown-block/)
Oil exploration consortium Repsol is set to recommence drilling in the Georgetown block shortly after it was forced to abandon drilling of the Jaguar -1 location, President Donald Ramotar said.
Asked about the exploration at a press briefing in Berbice, the president disclosed that before he travelled to Region Six, he was informed by the company that it would be investing some US$200 million in the next exploration.
“Only this morning before I left Georgetown, I had a meeting with one of the companies, Repsol… they are preparing to go to start drilling again.”
The Jaguar-1 well was plugged and abandoned at a depth of 15,988 feet due to pressures significantly higher than predicted earlier in the year. The new offshore well is expected to reach a depth of over 21,500 feet.
“Based on the experience they have had at the last time, they think that they are in a much better position now to get to the depths that they had anticipated before… they did reach to the depth that they had planned for they had budgeted because of the pressure and the gas that was there.”
The stoppage was a major disappointment following that of CGX Energy Inc a few months earlier which also said it failed to find oil in commercial quantities in its concession in the Corentyne River.
“They said to me that they have never in any of their experience reached such a situation where you had so much gas pressure on them… they are now preparing to bring in a bigger rig using different technology to come in and to try again to make another shot at it again… I think they’re pretty confident… that’s why they’re investing, its gonna be about US$200 million that will be invested so I think that tells you that they have some level of confidence of what they will find there.”