Guyana

By OGJ editors
HOUSTON, Mar. 12 – Gustavson Associates LLC, Boulder, Colo., issued a best estimate of a combined 2.8 billion bbl of oil as an undiscovered prospective resource on three prospects on the Corentyne license in the Atlantic off Guyana, said CGX Energy Inc., Toronto.

Since the basin has no commercial discovery, Gustavson used well data, regional geology, and 2D and 3D seismic to prepare the probabilistic estimate of that portion of the prospects lying entirely in the Corentyne PPL. The Corentyne Offshore PPL covers 9,180 sq km net to CGX.

CGX’s former Eagle shallow fan prospect is now the Eagle Tertiary prospect. A series of traps in the Upper Cretaceous called the Eagle Deep West prospect and Eagle Deep East prospect are now the Eagle Lower Turonian prospect, Eagle Upper Turonian prospect, and Eagle Campanian lead.

The Eagle well planned for fourth quarter 2010 will test the three prospects plus leads in the Campanian and Maastrichtian. Gustavson has not estimated a prospective resource for these leads or for other leads on the Corentyne Offshore PPL that include the Wishbone Tertiary lead, and two leads in the Albian carbonate, Kabukalli and Crabwood.