CGX Energy Inc yesterday announced the appointment of Kerry Sully as the company’s Executive Chairman, and Steve Hermeston as new President and CEO with effect from June 13.
In a press release, the company said that Hermeston, who was also appointed to the company’s board of directors on Tuesday, has had an impressive 30-year career in the international exploration and production (E&P) industry. In addition to having led oil and gas exploration teams at several major E&P companies, his analysis has led to discoveries that include High Island A-22 (150 bcf in the Gulf of Mexico), Peregrino (250 to 650 mmbbl in Brazil) and the Llanos basins (five fields in Colombia totalling up to 50 mmbbl).
Sully is quoted as saying that from his first meeting with Hermeston, “I knew we’d found our new president.” He said Hermeston has a history of success in oil and gas exploration and new business development in the Guyana/Suriname basin, in North and West Africa and the offshore Gulf of Mexico.
Sully, however, also noted that he will continue to be involved in all aspects of liaison with the Guyana government and in dealing with the investment community, including corporate finance.
Hermeston said he was extremely pleased to join the CGX team. He noted that he has worked closely with the government on its licences and has interpreted and developed a number of highly prospective targets on its acreage. He also said he is very familiar with the Guyana/Suriname Basin where he completed extensive regional modelling of the same formations CGX has identified.
“Jaguar will test a Turonian basin-floor fan this summer on its Georgetown Licence. On its Corentyne Licence, Eagle may be drilled shallow to test an Eocene fan or with the right combination of joint venture partner and or financing, drilled deep to test staked Eocene, Maastrichtian, Campanian and Turonian leads and prospects,” he said. Hermeston also noted that current drilling by Ipex offshore Suriname may open an Albian/Aptian fairway that extends west to four leads CGX has mapped.
