CGX Energy has opened a data room to initiate a joint venture opportunity which will allow potential partners to gain a significant position in the Guyana-Suriname Basin, where the company is drilling offshore.
A news release from CGX Energy said that on November 21, 2009, CGX announced it was scheduled to drill on its 100% Corentyne PPL during the second half of 2010.
To assist in marketing and soliciting joint venture proposals, Jefferies Randall & Dewey, a division of Jefferies & Company Inc., has been retained as CGX’s advisor, although there is no assurance that this process will result in any agreements or transactions, the release explained.
Warren Workman, Vice President of Exploration for CGX, is quoted as saying that, “The data room will provide potential joint venture partners sufficient information to assess the opportunity to gain a significant position in the Guyana-Suriname Basin, which offers world class, multi-billion barrel exploration potential.”
According to Workman, the 2,344 square kilometers of 3D seismic that was acquired and processed between 2008 and 2009 “has confirmed a drill-ready, multiple-target prospect close to our former Eagle well location.” The geophysical data has been processed in time and depth using multiple processors, and includes pre-stack inversion and AVO studies, the vice president also stated. “The new seismic processing and interpretation strengthens the definition of the existing prospects,” Workman noted, “and adds significant new information to our understanding of the prospects and multiple geological targets.”
CGX Energy, which is financed internationally and has thousands of shareholders worldwide, is a Canadian-based oil and gas exploration company that is exploring for oil in Guyana.
