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CGX Energy Responds to Media Reports relating to Drilling Results in Guyana and Provides Operational Update (TSX-V | OYL)
TORONTO, May 7, 2015 /CNW/ - CGX Energy Inc. ("CGX Energy" or the "Company") today provided an operational update on its exploration assets in Guyana.
Recent Drilling Results in Guyana
Today there have been various media reports in Guyana with respect to a possible discovery by Exxon in the Stabroek Block, offshore Guyana. The Stabroek Block is immediately adjacent to the Company's 100% owned Corentyne Block, offshore Guyana.
While the Company has a policy of not commenting on market rumours or media speculation, we are encouraged by the public comments made by Minister Persaud in this regard and look forward to hearing official results from Exxon and its partners.
Airborne Survey completion
CGX Energy is pleased to announce it has completed a 3,005 kilometer airborne survey on January 18, 2015. This exceeds the required commitment under the terms of the new Berbice petroleum agreement ("PA") and petroleum prospecting licence ("PPL") which was granted by the Government of Guyana to ON Energy Inc. ("ON Energy"), a 62% owned subsidiary of the Company, in February 2013. Pursuant to the new Berbice PA, covering 3,295 km2, the Company has an obligation during the initial period of four years to conduct an airborne survey comprising a minimum of 1,000 kilometers and to either conduct a 2D seismic survey comprising a minimum of 100 kilometers or commence to drill one exploration well. The Berbice PPL is 62% owned by the Company.
Demerara Block
In September 2014, the Company entered into a seismic contract with Prospector PTE Ltd. to conduct a 3,116.74 km2 3D seismic survey on the Company's 100% owned Demerara block as part of its commitments under the Demerara PA and PPL. This survey was completed on-time and on-budget in December 2014.
About CGX Energy
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.
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Forward-Looking Statements...
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