CGX Energy Inc. has announced that YPF Guyana Ltd., a subsidiary of RepsolYPF acting as Operator of the venture, has awarded a 1,650 square-kilometer 3D marine-seismic contract to Fugro-GeoTeam on the Georgetown Petroleum Prospecting License (PPL) offshore Guyana. CGX Resources Inc., a wholly owned subsidiary of CGX holds a 25% interest in the Georgetown PPL.
CGX also confirms that the farm-out process that has been led by CGX's agent Jeffries, Randall & Dewey of Houston, Texas has been put on hold during the 3D seismic period. On this, Sully said, "We were pleased that significant interest was generated in this joint venture process on CGX's Corentyne PPL, however given that the 3D seismic acquisition is about to proceed on the Corentyne and Georgetown PPLs, CGX has put the farm-out process on hold until the 3D seismic data has been received and preliminary interpretation completed."
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