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OYL.U 2002-04-22
CGX Acquires a 25% Participating Interest in the Georgetown Block from AGIP
TORONTO, ONTARIO--CGX Energy Inc. (OYL.U-CDNX) is pleased to
announce that its wholly owned subsidiary, CGX Resources Inc., has
entered into an agreement with AGIP Guyana B.V. ("AGIP"), a unit
of AGIP Italy, to acquire AGIP"s entire 25% participating interest
in the Georgetown Block, located offshore, in the Guyana Suriname
Basin.
The Georgetown Block license issued by the government of Guyana is
approximately 11,315 sq km in size and is located between CGX's
100% owned Corentyne Block. Water depths in the concession range
from 30 to 200 metres.
Maxus Guyana Ltd., a subsidiary of Repsol-YPF, holds the other 75%
interest in this Block and is the operator under a joint operating
agreement with AGIP.
In 1999, CGX along with Maxus/AGIIP completed a 3,500 km joint 2D
seismic survey over both the Georgetown and Corentyne Blocks.
Warren Workman, Vice President, Exploration for CGX stated, "Our
analysis of the 1999 data is very positive. We have identified at
least three (3) turbidite structures running northwest from our
Eagle and Wishbone structures. These features are comparable in
areal extent to our Eagle and Wishbone targets. The most
attractive feature is located next to Eagle and within 3 km of
Shell's 1974 Abary #1 well that had the most significant oil shows
in the basin. The other two turbidite features are outside the
area of overlapping border claims being made by the governments of
Guyana and Suriname. There are some additional features on the
northern portion of the Georgetown Concession where wells drilled
in the 1970's had several oil and gas shows."
Mr. Kerry Sully, President and CEO of CGX Energy Inc. (OYL.U -
CDNX) states, "We are delighted to have the opportunity to
increase our position in this potentially prolific basin as
analyzed by the United States Geological Survey Assessment of
World Petroleum Resources. When we close the acquisition, CGX
will have an interest in 5 large turbidite targets identified on
the seismic data."
The final terms of the sale will be released upon the execution of
a Sale and Purchase agreement and receipt of the required
consents.
Information on the Georgetown Block will be posted on CGX's web
site (www.cgxenergy.com) on completion of the final agreement.
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.
THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH ACCEPTS
THE RESPONSIBILITY AS TO ITS ACCURACY. NO REGULATORY AUTHORITY OR
SIMILAR BODY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED
HEREIN.
To view a map please visit www.ccnmatthews.com
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FOR FURTHER INFORMATION PLEASE CONTACT:
CGX Energy Inc.
Kerry Sully
President & CEO
(604) 733-9647
or
CGX Energy Inc.
Dan Farrell or Denis Clement
(416) 364-5569
Email: info@cgxenergy.com
or
Visit our website at
www.cgxenergy.com |
