CGX reports progress in its Corentyne offshore exploration
THE Canadian owned CGX Energy Inc has disclosed that a 3D Seismic Programme on 1,160 square kilometres underlying its Corentyne offshore petroleum prospecting licence (PPL) has been completed.
The company said the data acquired is expected to provide “better imaging of the up-dip limits of the Eagle Deep stratigraphic play at the subsurface Turonian and Campanian layers.”
It has also provided “the first 3D seismic coverage on its two early Cretaceous layers, Albian prospects (Crabwood and Kabukalli) which are underlying its 100 percent owned Corentyne offshore PPL, the explorers said.
The 1,160 square kilometres 3D marine seismic contract was announced on December 5, 2011.
In oil exploration, seismic technology is used by geologists and geophysicists to probe the properties of the earth’s subsurface and interpret the results obtained by reflected signals to map structural traps that could potentially contain petroleum and natural gas reserves, CGX explained.
It said the data acquisition was facilitated by the PGS Ramform Challenger, a state-of-the-art seismic ship owned by a subsidiary of Petroleum Geo-Services (PGS).
PGS used its dual-sensor geostreamer (R) technology, which was instrumental in delivering high quality statistics.
CGX President and Chief Executive Officer, Mr. Stephen Hermeston said: “This 3D seismic contract was completed ahead of schedule and was under budget. We are very pleased with the proficiency and technology utilised by PGS in acquiring this 3D seismic data on our behalf.”
He said fast track processing and interpretation of the facts revealed will commence on the Albian prospects and would be followed by interpretation and compilation of the Eagle deep Turonian and Campanian prospects.
CGX has its focus 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 (U.S.) Geological Service.
The company is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the U.S. and the United Kingdom (UK).
Hermeston said, “CGX would like to thank the Guyana Geology and Mines Commission and the Ministries and related agencies of the Government of Guyana for their cooperation in fast-tracking this seismic acquisition programme and PGS for their outstanding contract performance.”