CGX has announced that shooting of the 536 sq km 3D seismic survey on CGX's 100% Corentyne Petroleum Prospecting Licence (PPL) has been completed. In the Georgetown PPL, in which CGX holds a 25% interest, the survey has been expanded by 200 sq km to 1,850 sq km. The Georgetown survey has been shot in parallel with the Corentyne and is expected to be completed after the New Year.
Kerry Sully, President & CEO stated, "CGX's share of the combined program is estimated to be $16 million. The Company's Board of Directors has approved a capital program for the period ending September 2009 of $18 million which includes the cost of the 3D seismic program. The additional $2 million will include seismic interpretation, well drilling design and an environmental assessment study. These items will be funded by CGX from existing working capital that at the end of September 2008 was approximately $35 million."
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