CGX announced that the parties to the Georgetown Petroleum Prospecting License, including CGX Resources Inc, a wholly owned subsidiary of CGX Energy Inc., have renewed the Georgetown Petroleum Prospecting License (PPL) offshore Guyana and have entered into the Second Renewal Period.
The parties to the Georgetown PPL are Repsol Exploracion S.A (15%), being the Operator, along with YPF Guyana Limited (30%), Tullow Guyana BV (30%) and CGX Resources Inc. (25%). During the first 18 months of the Second Renewal Period there is a Minimum Work Commitment of one exploration well. In transition to the Second Renewal Period, and as required by the Georgetown PPL, approximately 30% of the area under contract has been relinquished back to the Government. Processing and interpretation of the recently acquired 1,839 sq km 3D seismic is well advanced for the selection of the location for the commitment well.
Kerry Sully, President and CEO of CGX stated, "On November 21, 2009, CGX announced it was scheduled to drill on its 100% Corentyne PPL during the second half of 2010. With the renewal of the Georgetown PPL, CGX will be participating in a second well in the basin."
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