Oil explorer CGX yesterday announced that shooting of the 1,839 sq km 3D seismic survey on CGX’s 25% offshore Georgetown Petroleum Prospecting Licence (PPL) has been completed.
In a press release, Kerry Sully, President & CEO stated, “We are very pleased with the completion of both surveys that were shot by Fugro Geoteam’s R/V Geo Pacific and despite a worsening weather window late in the programme, the surveys were completed on schedule and on budget.” According to the press release, CGX’s share of the combined acquisition programme is currently estimated to be US$15.5 million.
The release added that health, safety and environment were a priority and there were no work-related lost time accidents.
Warren Workman, VP Exploration stated, “Data quality reviewed to date is excellent with minimal noise and early results giving clear images below 30,000 feet. Processing has been on-going since November, with PSTM interpretation expected by the second quarter on the Corentyne PPL. In anticipation that the seismic interpretation will continue to support a drilling commitment on the Corentyne PPL, we are advancing in parallel our well drilling design and environmental assessment study.”
Joint Venture Partners in the Georgetown PPL include the Operator, Repsol (15%) and its subsidiary, YPF Guyana (30%), and Tullow Guyana BV (30%). The Georgetown survey was shot jointly with CGX’s 505 sq km survey on its 100% owned Corentyne PPL that was completed in December.
CGX has been wrapped up in the quest for oil here for nearly a decade. In June 2000, its rig was chased out of Guyana’s waters by Suriname gunboats as it was about to embark on drilling a well in the most promising area.
This led to a diplomatic crisis between Guyana and Suriname and years of futile talks. The deadlock was broken when Guyana took its case to the Law of the Sea tribunal and secured a ruling largely in its favour in 2007. Since then expectations have been high over CGX resuming its oil search. It however signalled that it had to do further seismic work.
CGX is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana basin.
It is managed by a team of experienced oil and gas and finance professionals from Canada, USA and the UK. CGX is financed internationally and has shareholders worldwide.