Guyana: CGX issued Demerara, Berbice onshore licenses

Guyana’s government has issued one petroleum prospecting license each to two subsidiaries of CGX Energy Inc., Toronto.

The new Demerara license covers 3,975 sq km and applies to the former offshore portion of the Annex PPL, which was a subset of the company’s original Corentyne petroleum agreement, and is awarded to CGX Resources Inc., a wholly owned subsidiary. Work program is a 3D seismic survey of at least 1,000 sq km and drilling one exploratory well within 4 years.

The new Berbice PPL applies to the former 1,566 sq km Berbice license and the former onshore part of the company’s original onshore Corentyne PPL on 1,729 sq km and is awarded to ON Energy Inc., a 62% owned unit of CGX. Work program is an airborne survey of at least 1,000 sq km and either 100 sq km of 2D seismic or drilling one exploratory well within 4 years.

CGX said it has identified leads on Demerara that will require 3D seismic to enhance to prospect status. The license straddles a portion of the current continental shelf and is updip from a 3D seismic program recently shot by Exxon and Shell on the adjoining Stabroek petroleum agreement.

The main exploratory targets on Berbice are stratigraphic traps similar to Tambaredjo and Calcutta heavy oil fields onshore Suriname. Staatsolie Mij. Suriname NV estimates original oil in place of more than 1 billion bbl in the two fields, which had remaining proved reserves of 77 million bbl at the end of 2011 after 30 years of production.

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