Guyana Govt Grants CGX Drilling Extension Offshore Guyana


Guyana
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CGX announced that the Government of Guyana has stated it will grant an extension to the deadline for drilling of the Jaguar-1 well offshore Guyana to the parties to the Georgetown Petroleum Prospecting License (the "Georgetown PPL"), including CGX Resources Inc, a wholly owned subsidiary of CGX Energy Inc.

The parties to the Georgetown PPL are Repsol Exploracion S.A (15%) ("Repsol"), being the operator, along with YPF Guyana Limited (30%), Tullow Guyana BV (30%) and CGX Resources Inc. (25%). The basis for the extension was that the Atwood Beacon jack-up rig that will drill the Jaguar-1 well has been significantly delayed while drilling offshore Suriname.

Stephen Hermeston, President and CEO of CGX stated, "We are very pleased to have received the formal commitment of an extension to drill the Jaguar-1 well. Personnel and equipment are already in Guyana and 95% of the contracts are in place. We are looking forward to the release of the Atwood Beacon rig so operations offshore can commence."

 

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