…about oil find in Guyana/ Suriname basin
PRESIDENT and Chief Executive Officer of CGX Energy Inc., Kerry Sully, yesterday expressed optimism about the prospects for the discovery of oil and gas in the Guyana /Suriname basin, stating that the company was firmly focused on continued drilling through joint venture partnerships.
CGX is projecting drilling of three to five wells in its fully owned  Corentyne Offshore Petroleum Prospecting Licence (PPL) in three to five years.
Mr. Kerry Sully disclosed that the company has been receiving expressions of interest in partnerships for the continuing ventures.
Dr. Suresh Narine, Chairman of CGX, also stressed that CGX intended to continue drilling and added that the company was firmly poised for its next round of exploration in the basin.
“I say commercial production of oil and gas, not if we have commercial production of oil and gas.  This is what CGX Energy Inc. firmly believes is in the future of our country, and this is why, to date, we have expended more than US$200M, seeking commercial oil and gas finds in the Guyana-Suriname basin, and why we are aggressively committed to continuing this process.
He and CEO Sully made the upbeat remarks during an interaction with members of the media and members of the public during which they briefed those present as to the ”forward trajectory” of the company, following the failure of the Eagle 1 well.
The CGX persons present included the directors of the company, and those in attendance comprised members of the Diplomatic Corps, Opposition Members of Parliament, representatives of Chambers of Commerce, staffers and senior officials of the Guyana Geology and Mines Commission (GGMC) and prominent businessmen members of the Private Sector Commission (PSC).
The venue was the Pegasus Hotel, and the interaction was held under the theme:”Renewing the commitment, sharing the vision.”
CGX Energy Inc. announced earlier this week that Pacific Rubiales Energy Corporation, another Canadian oil Company, had advanced US $30M to meet its immediate financing needs, following the failure of the Eagle 1 well.
Dr. Suresh Narine, Chairman of CGX  commented, “We are very pleased with the support we have received from Pacific Rubiales, a major shareholder of CGX, and we are looking forward to working with Dr. Ostos and Mr. Arata, both highly experienced energy and petroleum ( E&P) professionals. This investment underscores Pacific Rubiales’ confidence in the company’s offshore acreage and the exploration programme being undertaken by CGX.”
At yesterday’sforum Dr. Narine told members of the private sector that as it continues to aggressively pursue exploration, CGX will be seeking to elucidate some of the local opportunities that exist for sub-contractors, to encourage local businesses to position themselves for provision of services to its drilling activities.
“ We will work closely with High Commissioner Devine, Minister Robert Persaud and Minister of Labour, Nanda Gopaul, as well as others in the government and private sector, including the Private Sector Commission, in holding a series of outreach seminars to articulate the opportunities that exist within the sector at this exploratory stage. “