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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

Bullboard Posts
Post by jefft66on Jun 01, 2013 3:15pm
204 Views
Post# 21471392

repsol

repsol

REPSOL, the Spanish oil exploration firm, was Tuesday granted a new oil exploration concession offshore Guyana where seismic work could begin before year end, according to well-placed sources.

The sources, however, explained that the commencement of 2D and 3D seismic surveys would depend heavily on the availability of a ship to do the job.

President Donald Ramotar, who is the Petroleum Minister, and REPSOL’s Company Director, Jose A. Murillas inked the four year prospecting license for the 6,525 square kilometer concession located 100 miles seawards off the mouth of the Berbice River. The two sides also signed a production sharing agreement.

Called the Kanuku Block, the concession includes part of REPSOL’s previous 8,000 square kilometer concession but “the turning points have been adjusted.”

If all goes well and a rig is available, oil exploration could be conducted during 2015, the sources said.

The sources, however, emphasised that the timelines could be adjusted based on a number of factors including the mobilization of resources.

The Ministry of Natural Resources and the Environment opted only to address the schedule in general rather than specific terms. “Repsol is anxious to commence work obligations which include new 2D and 3D marine seismic acquisition in the first phase, to be followed by an exploration well in the second phase of the Licence which has been granted for an initial period of four years,” the Ministry of Natural Resources and the Environment said in a statement.

“This award of Petroleum Prospecting Licence and Agreement comes at a time when drilling on several fronts have occurred in Guyana recently and on the heels of the award of new licences offshore for concession acreage to Anadarko Guyana Company and CGX Resources Inc. and at a time when there has been a sustained interest in the potential for commercial petroleum discoveries in Guyana’s maritime areas.

In July 2012, a consortium led by REPSOL, capped an oil exploration well offshore Guyana due to safety concerns because of the high levels of pressure encountered which the well could not handle.

That well was being operated by the British explorer Tullow Oil PLC and had included Canada-based CGX Energy, a division of Argentina's YPF and REPSOL.

REPSOL has been operating Guyana since 1997.

So Repsol almost killed us and now they are getting concessions?

Bullboard Posts