US$16M seismic programme commencesCGX? Energy Inc. yesterday announced that that the long awaited 3D seismic programme previously announced on June 5 and again on September 9 has commenced.CGX will be undertaking a 536 square kilometre 3D programme on its 100 per cent held Corentyne Petroleum Prospecting License (PPL).The company will be participating with YPF Guyana Ltd., a subsidiary of Repsol YPF, in a 1,650 square kilometre 3D programme on the adjoining Georgetown PPL, in which CGX holds a 25 per cent interest.The 3D marine-seismic programme is being undertaken by Fugro-GeoTeam utilizing their seismic vessel ‘R/V GeoPacific’.The company, in a release to the media yesterday, said that it was pleased that the program has now commenced after a delay in the vessel arriving in Guyana due to weather in the Caribbean.“During the current global credit crisis, we are fortunate to be fully funded for this programme that we estimate to be approximately US$16 million”, stated Kerry Sully, President and CEO of CGX.CGX’s share of the combined programme will be funded by CGX from existing working capital.CGX is a Canada-based oil and gas exploration company focused on exploration for oil in Guyana, South America.CGX is managed by a team of experienced oil and gas and finance professionals from Canada,Cheap Jerseys Wholesale
, U.S.A. and the UK. CGX is financed internationally and has thousands of shareholders worldwide.Sully, in a previous statement to the media,Cheap Stitched Jerseys
, had noted that “The combined programme will result in a 33 per cent saving per square kilometre to CGX through economies of shared mobilisation and longer sailing lines on the previously announced Corentyne programme.CGX had also confirmed that the farm-out process that has been led by CGX’s agent Jeffries, Randall and Dewey of Houston, Texas,NFL Jerseys China
, will be on hold during the 3D seismic period.On this, Sully said, “We were pleased that significant interest was generated in this joint venture process on CGX ’s Corentyne PPL. However, given that the 3D seismic acquisition is about to proceed on the Corentyne and Georgetown PPLs, CGX has put the farm-out process on hold until the 3D seismic data has been received and preliminary interpretation completed.”CGX holds an interest in four Production Sharing Licences from the Government of Guyana, covering 8.7 million acres offshore and 800,NFL Jerseys China
,000 acres onshore.A report completed by Gustavson Associates LLC of Boulder, Colorado, U.S.A. for CGX Energy Inc. had revealed that a best estimate of prospective resources in four prospects on the Company’s Corentyne PPL located offshore Guyana may yield some 2.7B barrels of oil.Prospective Resources are regarded as the quantities of oil and gas estimated to be potentially recoverable from undiscovered accumulations, if discovered; they would be technically and economically viable to recover.On September last,Cheap Adidas NHL Jerseys
, the United Nations Arbitral Tribunal unanimously awarded Guyana close to a 13,000 square-mile swath of the Atlantic Ocean, paving the way for Canadian firm CGX to continue oil exploration after it was evicted in 2000 by a Surinamese gunboat.The Arbitral Tribunal found that Suriname acted unlawfully when it expelled the CGX drilling rig,Wholesale China Jerseys
, which was licensed by Guyana in 2000.The tribunal was particularly critical of Suriname for resorting to the use of force in the eviction of the CGX oil rig.The ruling saw CGX retaining 93 per cent of its Corentyne Licence and all of its Georgetown Licence.