Seismic Data Acquired; Border Commissions to Meet
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NEWS RELEASE
Seismic Data Acquired; Border Commissions to Meet
November 1, 2001 - CGX Energy Inc. (OYL.U – CDNX) announces that it has just acquired 3,300 line kilometres of seismic data shot by Deminex in 1973 and 1976, covering the new northwest block (the “Annex”) on its offshore Guyana exploration concession and adjacent areas. This data will be integrated with CGX’s existing database of 6,100 line kilometres of 2D seismic. The majority of the existing database was acquired in 1999 by CGX and neighbouring license-holders (a joint venture between Repsol (Maxus) of Spain and ENI of Italy), on a shared seismic program. The program used modern, solid-state technology provided by seismic contractor Western Geophysics.
Warren Workman, V.P. Exploration of CGX, stated, “The newly-acquired data is a significant piece in the puzzle to advance the regional geological interpretation of the Guyana/Suriname Basin. We are currently re-processing the data using modern techniques in order to identify evidence supporting the extension of the Wishbone/Eagle turbidite trend onto the northwestern “Annex” portion of our concession.
Vintage seismic data from Guyana has been scattered all over the world and has been a challenge to gather. However, CGX now has a comprehensive collection of vintage and new data for regional assessment. As part of CGX’s technical assistance to the government of Guyana, CGX has provided the Guyana Geology & Mines Commission, in Georgetown, with electronic copies of the data for processing by their professionals and to complete their archives.
In further developments in the Guyana Suriname region, Guyana’s Foreign Minister Rudy Insanally announced yesterday that the joint national border commissions of Guyana and Suriname are expected to meet in mid- November. To be reviewed is the proposal by Guyana for the joint management and exploitation of the disputed maritime area between the two countries, pending a resolution of the maritime borders. CGX Energy’s Eagle and Wishbone targets are located in this area.
In a statement to the Guyanese newspaper Stabroek News (see “General News” in following link: stabroeknews.com Minister Insanally also said that both Governments are working towards an official visit to Suriname by President Jagdeo before the end of the year, a visit which “may help settle a simmering oil exploration controversy between the two countries”.
CGX Energy Inc. (CDNX – OYL.U) is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana basin, low risk development in Western Canada and is actively looking at other international opportunities. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, U.S.A. and the UK. CGX is financed internationally and has over 5,000 shareholders worldwide. For further information please contact: Kerry Sully, President & CEO, at (604) 733-9647, Dan Farrell or Denis Clement at (416) 364-5569 or visit our website at www.cgxenergy.com . |
