CE THORNTON UPDATE
|Wednesday, July 12, 2000
CGX Energy remains hopeful that the jackup CE Thornton will be permitted to return to the Eagle/Wishbone area offshore Guyana. Talks between Guyana and Suriname continue over the border dispute centered on the rig. The presidents of both countries are meeting in Jamaica with the Jamaican Prime Minister serving as facilitator for the Caribbean Community (CARICOM). However, if the dispute is not resolved soon CGX officials will pull the rig out of the area and it would be at least two years before the CE Thornton or a similar rig would return to drill in the region. The alternate location where the rig had been drilling, the Horseshoe well, was drilled to a total depth of 12,750 feet and found dry. The well will be abandoned. Even if the rig should leave, CGX will maintain its interests in the Eagle/Wishbone area.