CGX Energy Inc., the Canadian-based oil and gas exploration company focused on exploration for oil in Guyana, announced on Tuesday  that the 3D seismic programme which it had announced on June 5 and September 9 has commenced.

A CGX press release stated that the company is undertaking a 536 square kilometre 3D programme on its 100 percent-held Corentyne Petroleum Prospecting Licence (PPL) and the company is participating with YPF Guyana Ltd., a subsidiary of Repsol YPF, in a 1,650 square kilometre 3D programme on the adjoining Georgetown PPL, in which CGX holds a 25% interest.
The release said further that the 3D marine-seismic programme is being undertaken by Fugro-GeoTeam using its seismic vessel ‘R/V GeoPacific’.

In the release datelined Toronto,  Kerry Sully, President and CEO of CGX, is quoted as saying: “We are pleased that the programme has now commenced after a delay in the vessel arriving in Guyana due to weather in the Caribbean. During the current global credit crisis, we are fortunate to be fully funded for this programme that we estimate to be approximately US$16 million.”

The company which has thousands of shareholders worldwide is financed internationally  and  managed by a team of experienced oil and gas and finance professionals  from Canada, the USA and the UK. The seismic work follows a ruling in Guyana’s favour last year by the Hamburg, Germany-based International Tribunal on the Law of the Sea.

The Guyana basin is believed to have a proven petroleum system and both CGX and other oil companies believe that the prospects for a commercially viable oil find here are good.