CGX Energy Abandons Hermitage Well

CGX Energy and its 62% Guyanese subsidiary ON Energy report that its Hermitage well, located onshore Guyana, was drilled to a depth of 6,337 feet. The well encountered significant gas shows in the lower section of the hole, however after evaluating the petrophysical well logs, a decision was made to abandon the well due to poor reservoir rock quality and modest thickness of reservoir. This was the second well of the current drill program. During the next week, the well will be abandoned, and the drill equipment moved to Albion, our best defined prospect with a target depth of approximately 6,200 feet.