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$16 million.”
The company which has thousands of shareholders worldwide is financed internationally and managed by a team of experienced oil and gas and finance professionals from Canada, the USA and the UK. The seismic work follows a ruling in Guyana’s favour last year by the Hamburg, Germany-based International Tribunal on the Law of the Sea.
The Guyana basin is believed to have a proven petroleum system and both CGX and other oil companies believe that the prospects for a commercially viable oil find here are good.
Is the 3D marine-seismic programme being undertaken by the Fugro-GeoTeam in any way related to yesterday’s news item that the Suriname military has seized a Guyana boat in Corentyne River?
If this is so. then Surinam must understand that the International Tribunal on the Law of the Sea’s decision was won by Guyana last year fair and square and they should not be sore losers.
DRILL BABY DRILL! DRILL; BABY DRILL! DRILL BABY DRILL!….. ;-) :-$ ;-) :-$ :-D
DRILL BABY DRILL
But of course now ya talk’n folks, because this means JOBS! JOBS! JOBS!.. for the unemployed Guyanese workforce. More jobs means more taxable income going to the Gov’t treasury…..Hopefully more money in the national treasury means better public service (water, light, roads, bridges etc.) for the people across the board….yea!..yea! ..I said hopefully remember.
Hi “Cochore”; Re: “[....Hopefully more money in the national treasury means better public service (water, light, roads, bridges etc.) for the people across the board….yea!..yea! ..I said hopefully remember....] From your list it appears that you have forgotten to list some “Brand New Second-Hand Helicopters” and “Patrol Boats” to keep an eye on de “next door neighbor”. :-$ :-D
…….i will hope after the oil find the government will respect the villages owned by the villagers on the west cost of berbice……give them the same respect you gave to the indigenous people….
They start their rounds of intimidation knowing that petroleum will start flowing soon. And sure they will be better ROADS!! Remember when the roads were repaired with COCONUT SHELLS? yes, 25-30 years ago.
Re: “[....Remember when the roads were repaired with COCONUT SHELLS? yes, 25-30 years ago....]” What a waste of “Foreign Exchange”!!! Let us see….. Charcoal Briquettes + Coconut Briquettes (in an energy starved world) for export…. Wow! :-$ :-$ :-$
Can anyone say when the first shipment of “BERBICE OIL” (ya know, like DEMERARA SUGAR) will be headed for the USA SHORES? :-) :-) :-)
Stay the course Kaieteur Gold by wuking hard and harder in de US of A.
Guyana is nat fuh yuh!
Let me say guess your age…hmnn. about 30, and now settling down to adult life,
but Guyana still fresh in your mind. As you wuk harder and harder, you start to like your US of A more and more, but then you reach age 65 and retire!
But?……………de oil nat flowing!
Ease up Kaieteur Gold…the oil will not flow in your life time.
Just think about these matters
1. time for completion of test of oil finds
2. time for completion of analysis of quantity
3; time for completion of taxation matters as applies to the workers, the
company and the equipment
4. time to settle matters on infrastructure and where
5. time to negotiate on contracts to supply purchasers
6; man ah give up here. Is a long long drawn out process, wuth nuff nuff bribes
all over the place, and settling relations with the super powers for they will
have a big big say in all things.
TEK IT FROM ME………………..NOT IN YOUR LIFE TIME !!!
Are ya all with me or not? What is it going to be called – de “BERBICE LIGHT CRUDE” or de “BERBICE HEAVY CRUDE” Gosh, ya all “hurry up” with de OIL PRODUCTION but take ya all time and avoid dem disastrous “SPILLS” and not to kill out meh “FISHES” and then ya all gon have to pay up.
Also, as a token of appreciation don’t forget dat C. B. JAGAN Hospital for de BERBICE area just in case of major accidents when al ah dem industries start going up. All ah dis is called forward planning/thinking. BTW, don’t forget we (de people in Region 11) “SHARE” ah de ROYALTIES. :-$ :-$ :-$
Scam,Scam,Scam!!
It was a scam last year,it was a scam this year and it will still be a scam next year.
Guyana doesn’t have any oil!
GET WITH THE PROGRAM!!!
If not, why would a $4.50 stock be worth 55 cents today?
Deo Amigo:
Because of the fall of the stock prices at your quote a 8 fold fall, that does not say that the actions are not worth $4.50. Simply because of the recession worldwide, but sooner or later it can worth 4 times. I’m telling you of my personal experience, if you have don’t sell just hold on.
What is it that you were drinking or eating “Deo” before you made your post? – Huh! Isn’t it logical since virtually all of Guyana’s neighbors are “oil producers” then there is that high probability that there would be occurrences in Guyana.also. Just why are you so pessimistic? What if ah a tell ya certain Guyanese-Born nationals have a certain solution to de financial and economic problems currently gripping de world! Think in terms of de “economic profitability” issues and ya will come close to de answer. If L. F. S. Burnham had de (the) full knowledge of de banking operations in Guyana at one time he would have been better behaved. 8-)
Nice hearing from ya “decanadianCarlVeecock”…. How about if KG make a guess about who you may be… You (or someone connected to ya) may have had some connections to duh University in British Guiana or de Infrastructure Ministry (Hydraulics…..) in de country for as far as de time of meh interest in de “Institute of Mining, Metallurgy and Petroleum Engineers” was concerned; and, in that you have outlined all de things dat have to be done before de “OIL” is shipped North let meh give ya an hint about why it can be sooner than ya think; and, here is how: (follow de attached link):
http://www-01.ibm.com/software/lotus/category/uc2/
Now, if ya could remember when was it dat a company named IBM was in British Guiana (hint. hint, hint…) you might be able to guess de age more accurately.
And, now, (hint, hint, hint…) de hard wuk is to make an early “cash in” on de Oil Exploration and Production Activities by assisting in providing de REAL-TIME “IT” INFRASTRUCTURE to speed up de “Start-up Production” date of de project. Do ya think ya get de drift? And, if possible, KG and TEAM would not mind it very much if de “checks” for all de “hard wuk” dat KG doing now start arriving by CHRISTMAS DAY. ;-)
Once A Banker Always A Banker. ;-) :-$ :-D
Re: “[.....Do ya think ya get de drift? And, if possible, KG and TEAM would not mind it very much if de “checks” for all de “hard wuk” dat KG doing now start arriving by CHRISTMAS DAY. ;-)
Once A Banker Always A Banker. ;-) :-$ :-D.....]”
BTW, helping to re-direct (sharing) a portion of de $700,000,000,000 US in petroleum imports bill to de South American country with de roots passing through would be in keeping with what is called – “SELF PRESERVATION” which dey say is de “FIRST LAW OF NATURE”. 8-)
BTW “decanadianCarlVeecock”, Ya all have to be careful with what ya all doing if this is to be an example:
Re: “The Explosion of the Ariane 5″
http://www.ima.umn.edu/~arnold/disasters/ariane.html
“[.....On June 4, 1996 an unmanned Ariane 5 rocket launched by the European Space Agency exploded just forty seconds after its lift-off from Kourou, French Guiana. Ariane explosion The rocket was on its first voyage, after a decade of development costing $7 billion. The destroyed rocket and its cargo were valued at $500 million. A board of inquiry investigated the causes of the explosion and in two weeks issued a report. It turned out that the cause of the failure was a software error in the inertial reference system. Specifically a 64 bit floating point number relating to the horizontal velocity of the rocket with respect to the platform was converted to a 16 bit signed integer. The number was larger than 32,767, the largest integer storeable in a 16 bit signed integer, and thus the conversion failed....]”
Now, substitute the “current global financial and economic crisis” for the “The Explosion of the Ariane 5″ and you get the bright “economic picture” as “CGX begins US$16M seismic work”; and, now you see yours truly “wuk” is almost over .
Go For Launch/Gone For Lunch./Going on Vacation. :-D :-D :-$ :-$ :-$ :-$ …………
And, Do ya think we should focus on de – “Integer Overflow”? 8-)