CGX Energy Inc. announced yesterday that its Eagle-1 well, located on the company’s 100% owned and operated Corentyne Petroleum Prospecting Licence, has commenced drilling. Steve Hermeston, President and CEO of CGX, said that the resumption of drilling activities in the Eagle prospect that was halted in June 2000 due to overlapping maritime border claims between Guyana and Suriname is historic, and marks a significant milestone in the history of the company.
“Renewed exploration follows over seven years of dedication and co-operation between the Government of Guyana and CGX in resolving the maritime boundary between Guyana and Suriname peacefully and finally, through the International Tribunal of the Law of the Sea (ITLOS) process.”
After the issue was resolved, CGX shot two -3D seismic surveys, creating a portfolio of prospects on the Corentyne prospect with Eagle-1 being the first well to be drilled as a test of the original Eocene prospect, and a deeper Maastrichtian prospect, both of which are stratigraphic tests, Hermeston said.
The current Eagle-1 location, Hermeston indicated, will significantly benefit from the 3D acquired in conjunction with advances in better understanding of the optimal position to test reservoirs deposited in deep water environments.
The Eagle-1 Well, which is being drilled by the Ocean Saratoga semi-submersible drilling rig, owned by a subsidiary of Diamond Offshore Drilling Inc, will be drilled to a depth of 4,250 metres to test the Eocene and Maastrichtian geologic zones. Drilling is expected to last for about 60 days.
CGX Energy is a Canadian-based oil and gas exploration company which focuses on the exploration of oil in the Guyana-Suriname Basin, an area that is ranked second in the world for oil and gas prospectivity by the United States Geological Service. (GINA)