Guyana: CGX sees more deep drilling in revised agreement

CGX Energy Inc. has transitioned to a new Corentyne petroleum prospecting license that obligates the company to drill at least two deep high-pressure high-temperature wells offshore Guyana.

The new PPL covers 6,212 sq km that were the former offshore portion of the Corentyne PPL and is effective Nov. 27, 2012. It is renewable after 4 years for as long as 10 years. Terms and conditions are similar to the former PPL.

CGX has applied for new petroleum agreements to be issued for the former Annex PPL, the onshore portion of the Corentyne PPL, and the Berbice PPL.

The new Corentyne pact will allow CGX to start contracting services and supplies for Eagle Deep, the well planned to explore the Turonian in the Corentyne PA. Eagle Deep will be similar to the Jaguar well drilled to 4,876 m earlier this year in which CGX held a 25% participating interest (OGJ Online, July 16, 2012). Drilling is planned for the first quarter of 2014.

In respect of the Georgetown petroleum agreement, Repsol Exploracion SA as operator has applied for a new agreement, and CGX’s contemplated farmout of 5% of its 25% interest to Repsol is no longer under consideration.

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