CGX Energy has reported that the 3D seismic program previously announced on June 5 and September 9 has commenced. CGX is undertaking a 536 square kilometer 3D program on its 100% held Corentyne PPL and the Company is participating with YPF Guyana Ltd., a subsidiary of Repsol YPF, in a 1,650 square kilometer 3D program on the adjoining Georgetown PPL, in which CGX holds a 25% interest.
The 3D marine-seismic program is being undertaken by Fugro-GeoTeam utilizing their seismic vessel R/V GeoPacific.
"We are pleased that the program has now commenced after a delay in the vessel arriving in Guyana due to weather in the Caribbean. During the current global credit crisis, we are fortunate to be fully funded for this program that we estimate to be approximately US $16 million," stated Kerry Sully, President and CEO of CGX.
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