– which will go towards exploration efforts in offshore Guyana
CGX Energy Inc. announced that it has completed US$92 million in financing which will go towards its exploration efforts in offshore Guyana and which will ensure that the company is not dependent on partners to complete two more wells on its programme.
Stephen Hermeston, CGX President and CEO, stated yesterday that the financing provides CGX with the necessary funding for its share of the expected costs for two wells offshore Guyana: the Jaguar-1 well on its 25% owned Georgetown Petroleum Prospecting Licence (PPL), and the Eagle-1 well on its 100% owned Corentyne PPL.
“It will also allow us to prepare for a second well on the Corentyne PPL and to further develop our exploration portfolio with ongoing studies. We will continue to pursue joint venture partners, but are no longer dependent on them to complete the next two wells,” he said.
CGX Energy Inc and Spanish company Repsol are part of a drilling consortium exploring for commercial amounts of oil and natural gas off the coasts of Guyana and Suriname.

Participating in the consortium are Murphy Oil, Inpex, Repsol- YPF, Tullow and Toronto-based CGX Energy Inc. The group has collectively secured the Atwood Beacon jack-up rig to test four blocks in the basin in the coming 12 months. Six wells in all will be drilled.

CGX Energy Inc holds licences covering 7.8 million gross acres in the basin, including Georgetown and Corentyne, but is looking to farm out a portion of its interests in those two holdings.