CGX Mulls Drilling Additional Well Offshore Guyana

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CGX says that the Atwood Beacon has been contracted to drill a well on its Georgetown License, offshore Guyana. The Atwood Beacon (operated by Atwood Oceanics Pacific Limited) was awarded three separate contracts by an Operator Group for work offshore Suriname and Guyana. The three member Operator Group includes Repsol Exploracion S.A, which is the operator of the Georgetown PPL in which CGX holds a 25% participating interest.

The contracts provide for a program consisting of four wells at an operating day rate of approximately US $115,000 and has a minimum duration of 210 days. The rig is expected to complete its current commitments offshore the Ivory Coast in September, when the rig will be mobilized to Suriname via Trinidad, with an expected mobilization period of approximately 30 days.

CGX is in discussions with Atwood Oceanics and the Operator Group to add a fifth well to the program for CGX's 100% owned and operated Corentyne PPL.

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