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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

CGX Energy Inc. is a Canada-based oil and gas exploration company. It is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. The Company, through one of its subsidiaries, holds an interest in a Petroleum Prospecting Licence (PPL) and related Petroleum Agreement (PA) on the Corentyne block in the Guyana Basin, offshore Guyana. The Company, through its subsidiary Grand Canal Industrial Estates, is constructing the Berbice Deep Water Port. This facility, located on the eastern bank of the Berbice River, adjacent to and north of Crab Island in Region 6, Guyana, is being constructed on 30 acres with 400 m of river frontage. Its subsidiaries include CGX Resources Inc., GCIE Holdings Limited and CGX Energy Management Corp. It is the operator of the Corentyne block and holds a 27.48% working interest. Its Wei-1 exploration well is located west of the Kawa-1 discovery in the northern region of the Corentyne block.


TSXV:OYL - Post by User

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Comment by pjmcarlsonon Dec 01, 2012 2:05pm
409 Views
Post# 20670764

RE: RE: CGX’s contemplated farmout of 5% of its 25

RE: RE: CGX’s contemplated farmout of 5% of its 25

Guyana: CGX sees more deep drilling in revised agreement

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11/29/2012

CGX Energy Inc. has transitioned to a new Corentyne petroleum prospecting license that obligates the company to drill at least two deep high-pressure high-temperature wells offshore Guyana.

The new PPL covers 6,212 sq km that were the former offshore portion of the Corentyne PPL and is effective Nov. 27, 2012. It is renewable after 4 years for as long as 10 years. Terms and conditions are similar to the former PPL.

CGX has applied for new petroleum agreements to be issued for the former Annex PPL, the onshore portion of the Corentyne PPL, and the Berbice PPL.

The new Corentyne pact will allow CGX to start contracting services and supplies for Eagle Deep, the well planned to explore the Turonian in the Corentyne PA. Eagle Deep will be similar to the Jaguar well drilled to 4,876 m earlier this year in which CGX held a 25% participating interest (OGJ Online, July 16, 2012). Drilling is planned for the first quarter of 2014.

In respect of the Georgetown petroleum agreement, Repsol Exploracion SA as operator has applied for a new agreement, and CGX’s contemplated farmout of 5% of its 25% interest to Repsol is no longer under consideration.

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