…renegotiate oil exploration plan with gov’t

CGX Energy Inc has announced that it has successfully renegotiated its work commitments for the Demerara, Corentyne and Berbice Petroleum Prospecting Licences with the Government of Guyana and unveiled a plan to ramp up exploration and drilling activities in the next five years.

In a statement, the company said as part of the renegotiation, it has also agreed to relinquish 25% of the acreage of both the Corentyne and Demerara blocks to the Government of Guyana.

The new work commitments are: to drill an exploration well at Corentyne Block by November 27, 2019; acquire additional seismic or conduct seismic reprocessing by November 27, 2020; drill an exploration well by November 27, 2022 in the Demerara Block; complete any additional data processing and planning, and secure all regulatory approvals for the drilling of an exploration well by February 12, 2020; drill an exploration well by February 12, 2021 and another by February 12, 2023 in the Berbice Block; complete a geochemical survey of a minimum area of 120 square kilometers and commence a seismic program defined by the aforementioned geochemical survey by February 12, 2020; complete the seismic programme and complete all processing and interpretation of data by August 12, 2021 and drill an exploration well by February 12, 2023.

Professor Suresh Narine, Chairman and Executive Director (Guyana) commented: “CGX Energy thanks the Government of Guyana for its continued partnership and support. We as a company are eager to pursue the new work commitments in this exciting Guyana basin, and in so doing continue our unbroken commitment to the basin, the Guyanese people and its Government for more than 18 years.” CGX Energy is a Canadian-based oil and gas exploration company, focused on the exploration of oil in the Guyana-Suriname Basin.