CGX says drilling to be completed end of April

CGX Energy Inc today announced that delays due to minor mechanical issues on the Ocean Saratoga semi-submersible rig and weather conditions have pushed back the time frame for the completion of drilling of the Eagle-1 well beyond the originally planned 60 days.

CGX says it is now anticipated that drilling will be completed near the end of April.  It said that as announced on February 13th, results of the Eagle-1 well will be issued upon completion of drilling.

CGX had originally indicated that drilling would take around a month. CGX began drilling on February 13th.

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.

CGX’s rig is one of two drilling for oil offshore Guyana, a first for this country. CGX also has a 25% interest in the other licence which also includes Repsol and Tullow.

The Eagle-1 well will be drilled to a depth of 4,250 metres to test the Eocene and Maastrichtian geologic zones. The well is being drilled by the Ocean Saratoga semi-submersible drilling rig owned by a subsidiary of Diamond Offshore Drilling, Inc. The CGX operation at the Eagle well is costing the company some US$55 million and to operate the Ocean Saratoga costs US$500,000 per day.

 

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