CGX Says Seismic Program Well Underway in Guyana

CGX Energy Inc. and its subsidiary, ON Energy Inc., report that the 2-D seismic survey is well underway in Guyana. Preparation for the field work began in late March, and to date, nearly half of the 180 km program has been cut and surveyed. Training for the portable drilling operations started in the second week of April, including sessions on health, safety and the environment for over 100 crew members. To date, just over 10% of the shot holes have been completed.

"On April 21, CGX recorded the first seismic images on the coast of Guyana since the 1940's", stated Warren Workman, Vice President of Exploration. "The data quality was good and we're very pleased with the progress we've seen thus far. Recording is expected to continue through May, with processing and interpretation scheduled for June."

The geomicrobial survey completed in October identified more than 20 anomalous leads, one of which is approximately 40 square kilometers in areal extent. The 2-D seismic program is planned to identify the depth and location of the potential reservoirs that could contain hydrocarbons that are associated with most of the anomalies. Seis Pros Inc. of Houston , Texas is completing the 2-D program on the Berbice Block. Following interpretation of the seismic, we plan to drill a number of exploration wells to test seismically-defined anomalies.