Repsol Spuds Jaguar Well Offshore Guyana

CGX Energy Inc. announced that the Jaguar-1 well located on the Company's 25 percent-owned Georgetown Petroleum Prospecting License ("PPL") has commenced drilling.

The Jaguar-1 well will be drilled to a depth of 21,325 feet (6,500 meters) to test the Turonian geologic zone. The well is being drilled by the jackup Atwood Beacon (400' ILC) operated by Atwood Oceanics, Inc. Drilling is expected to take approximately 180 days.

Stephen Hermeston, President and CEO commented, "The spud of the Jaguar-1 well officially commences the long awaited resumption of offshore exploration drilling for the Government and People of Guyana, the Georgetown Joint Venture Partners and CGX shareholders. The Jaguar-1 well will be the deepest well drilled to date in the Guyana Suriname Basin. The well is targeting the Turonian geologic zone, a prolific producing zone offshore West Africa and Brazil."

The partners to the Georgetown PPL are Repsol Exploracion S.A (15%) ("Repsol"), as operator, along with YPF Guyana Limited (30%), Tullow Oil plc (30%) and CGX Resources Inc. (25%).

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