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NEWS RELEASE

CGX ENERGY INC.
(OYL – TSX-V)
December 10, 2008
CGX Energy Completes Corentyne 3D Seismic Program
Toronto, Ontario - CGX Energy Inc. (OYL - TSX-V) is pleased to announce that shooting of the 536 sq km 3D seismic survey on CGX's 100% Corentyne Petroleum Prospecting Licence (PPL) has been completed. In the Georgetown PPL, in which CGX holds a 25% interest, the survey was expanded by 200 sq km to 1,850 sq km. The Georgetown survey has been shot in parallel with the Corentyne and is expected to be completed after the New Year.

Kerry Sully, President & CEO stated,

β€œCGX's share of the combined program is estimated to be $16 million. The Company’s Board of Directors has approved a capital program for the period ending September 2009 of $18 million which includes the cost of the 3D seismic program. The additional $2 million will include seismic interpretation, well drilling design and an environmental assessment study. These items will be funded by CGX from existing working capital that at the end of September 2008 was approximately $35 million."

CGX Energy Inc. (TSX-V- OYL) is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana basin. 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 shareholders worldwide.

Additional information on CGX Energy may also be examined and/or obtained through the internet by accessing CGX Energy's website at www.cgxenergy.com.
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Source: Carib News Jan 30

Oil production in Guyana likely by 2014, says analyst


Published on Saturday, January 30, 2010 Email To Friend Print Version

GEORGETOWN, Guyana -- The Canadian-based CGX Energy Inc, which is exploring for oil in Guyana has said that production is likely to begin in four years time as the company continues its setting up of wells in its Corentyne Petroleum Prospecting Licence (PPL).

This was revealed in an analysis β€œForging Ahead – Increase Target and Maintain Rating” by a financial services firm, on January 21.

According to Canaccord Adams report, this time span is the β€œmost likely” scenario adding that the Corentyne Licence has the potential for 400 million barrels of crude oil.

It said CGX Energy will be partnering with a major international oil and gas exploration company for the first exploration well in Corentyne, given the major players involved in offshore Guyana and Suriname.

CGX Energy Inc had announced in December that it had recommenced the search for a joint venture partner to participate in Guyana's drilling.

Speaking of investors’ risks, the analyst said an investment in the company’s securities would be speculative.

β€œThis is due to the nature of the company’s involvement in the exploration, the development and production of oil and natural gas and its present stage of development... capital requirements and liquidity risks associated with the exploration, development and production of oil and natural gas from the Guyana assets can contribute to the risks,” the report outlined.

It also said any swing in crude oil and natural gas prices could impact CGX Energy prosperity.

β€œAny adverse changes to government regulations and fiscal terms could impact CGX Energy’s execution and profitability,” the analyst said, adding that a left- leaning government which can be perceived as less business-friendly could affect the profitability of the company’s operations.

Recently the company had announced its plans to complete the first well by mid-2010.

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