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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (6950)	6/20/2014 7:46:16 PM
From: Goose94	Read Replies (2) \| Respond to of 202718

CGX Energy (OYL-V) June 20, '14 has provided an operational update on its exploration assets in Guyana. Dewi Jones, chief executive officer of the company, commented: "We are very pleased with the progress of all our activities thus far in 2014. We continue to work towards drilling our next offshore exploration well in Guyana and are still optimistic that a joint venture partner will be secured prior to drilling." Corentyne block -- seismic reprocessing and AVO (amplitude variation with offset) analysis At the company's 100-per-cent-owned Corentyne petroleum prospecting licence located offshore Guyana, the reprocessing and merging of the existing seismic surveys are now complete. The company continues to have a technical data room available at its Houston offices and is working toward farming out a portion of the Corentyne PPL to a joint venture partner. In addition to the completion of the seismic reprocessing of the Corentyne PPL, a full elastic seismic inversion and AVO has been completed and received from Vector Seismic Data Processing Inc., which has contributed significantly to the risk assessment of the exploration prospects being considered for the next drilling campaign in the Corentyne PPL. The results of the reprocessing have assisted in confirming and enhancing the geological assessment of the block. The company has made this information available in its data room and potential joint venture partners are in the process of reviewing the data. While these AVO analysis and results are subject to the uncertainties associated with geophysical/geological modelling, the company is encouraged by the results and remains optimistic about a potential discovery of hydrocarbons in the basin. Rig contract and rig-sharing agreement CGX Energy is pleased to announce that it has entered into a definitive rig agreement with Japan Drilling Co. Ltd. for the provision of rig services. Under the terms of the agreement, the company has procured the use of the jack-up drilling rig known as the Hakuryu-12 rig. In an effort to significantly reduce drilling costs, the company has simultaneously entered into a rig sharing agreement with Teikoku Oil (Suriname) Co. Ltd., a wholly owned subsidiary of Inpex Corp. The Hakuryu-12 rig, which is owned by Bot Lease Co. Ltd., is currently under construction at the PPL shipyard in Singapore and will be mobilized to the first drilling site after completion in January, 2015. The main commercial terms of the rig contracts are as follows: Rig contract parties: Japan Drilling Co. Ltd. and CGX Resources Inc. Rig-sharing agreement parties: CGX Resources Inc., Teikoku Oil (Suriname) Co. Ltd. and Japan Drilling Co., Ltd. Operating area: Offshore Suriname and Guyana Period of contract: One firm well each (total operating days -- 150 or more) Estimated commencement time: The second quarter of 2015 Contract type: Day-rate contract Contract signing date: June 19, 2014 In addition, CGX Energy and Inpex have agreed that Inpex shall drill the first offshore well in Suriname in 2015. Spud date extension This week, the company received a five-month extension to its spud date deadline at the Corentyne PPL. The government of Guyana granted approval of an extension on the spud date on the first commitment well from May 31, 2015, to Oct. 31, 2015. The extension was required to ensure that the Hakuryu-12 rig will have sufficient time to arrive in Guyana prior to the commencement of the weather window. Suresh Narine, co-chairman of the company, commented: "The company deeply appreciates the co-operation of the government of Guyana in granting to CGX Energy the spud date extension. The procuring of the Hakuryu-12 drilling rig, along with this extension, significantly enables the company to address its work obligations under the Corentyne PPL with confidence. CGX Energy, being one of the long-standing operators in the basin, is delighted to affirm its continued commitment to Guyana and to exploration of the Guyana-Suriname basin. The company's current drilling obligations tangibly demonstrate this commitment, even as it is engaged in actively planning for the spudding of its next well within the Corentyne PPL within the revised time frame." Demerara block CGX Energy has commenced the procurement process in order to complete its 2014 work commitments on its 100-per-cent-owned offshore Demerara petroleum prospecting licence. The company continues to examine methods to reduce the costs associated with the Demerara PPL's seismic survey and expects to be able to share these costs with other companies operating in the Guyana-Suriname basin. Dewi Jones, chief executive officer of the company, commented: "The company currently has a number of initiatives that it is rigorously working on as it begins to fulfill its commitments in all three of its PPLs. The company continues to believe in the potential of the basin and the discovery of hydrocarbons and also reaffirms its commitment to the successful completion of its work programs."