CGX Energy Inc. announced that its wholly owned subsidiary CGX Resources Inc. has awarded a Guyanan 500 square-kilometer 3D marine-seismic contract to Fugro-GeoTeam. Fugro's seismic vessel 'R/V Geo Pacific' will undertake the four-week contract commencing later this summer using a dual-airgun 8 x 6,000 meter solid-state streamer spread. The contract value is estimated to be US$13 million. The seismic program will be funded by CGX from existing working capital. It may also be funded in whole or in part from the ongoing farmout process. Jefferies Randall & Dewey of Houston Texas is acting as agent for the joint venture farmout.
"This 3D seismic will fulfill the minimum work commitment on our Corentyne Petroleum Prospecting License through its First Renewal Second Phase," said Warren Workman, Vice President of Exploration for CGX. "The program has been designed to cover the four prospects for which Gustavson Associates LLC of Boulder Colorado in a report dated January 3, 2008 calculated the total best estimate (P50) Prospective Resource to be 2.7 billion barrels of oil. The most significant leads are a series of structural traps in the Upper Cretaceous that we've called our Eagle Deep targets within our Corentyne PPL. These are the types of plays that if successful will confirm the Guyana / Suriname basin as being world-class. We look forward to further refinement of our interpretation with 3D seismic, and testing of our concepts by drilling an exploration well."
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