Canadian oil exploration company CGX Energy says that it is still doing work on its Eagle-1 well off the Corentyne coast.
“CGX is still conducting exploration operations on the Eagle-1 well. We will issue results when determined,” the company’s Communications Manager/Corporate Secretary Charlotte May said in a brief response to a query from Stabroek News.
It is almost three months into what was intended to be an eight-week offshore campaign on the company’s 100 per cent operated Eagle 1 well which should have been completed by the end of April.
Online reports yesterday said that the CGX’s stock rose though there was no official news release from the company.
On April 10, CGX announced that delays due to “minor mechanical issues” on the Ocean Saratoga semi-submersible rig and weather conditions had pushed back the time frame for the completion of drilling of the Eagle 1 well beyond the originally planned 60 days.
At that time, the company had anticipated that drilling operations would have been completed near the end of April.
Drilling had begun on February 13, 2012, with the aim of reaching a depth of 4,250 metres to test the Eocene and Maastrichtian geologic zones.
The Ocean Saratoga semi-submersible drilling rig, owned by a subsidiary of Diamond Offshore Drilling Inc, is carrying out the drilling.
The other well is being drilled in the Jaguar 1 site by Repsol’s Atwood Beacon. Drilling started on February 7 and could take six months as it goes to a depth of 21,325 feet.
The CGX operation at the Eagle well will cost the company some US$55 million and Repsol’s operation is expected to reach a total of US$180 million in costs. Interest in the Guyana/Suriname basin amplified after explorer Tullow struck oil last year off French Guiana raising the prospect of the opening of a major offshore oil producing province in South America and sending up the price of its shares.
