CGX Energy Inc. on Thursday announced the resumption of offshore drilling for oil, a process that would last at least six months.
The company, in a statement, said the Jaguar-1 well will be drilled to a depth of 6,500 metres to test the high-yielding Turonian geologic zone.
The well is located on the Jaguar-1 well located on the Company's 25 percent owned Georgetown Petroleum Prospecting License (PPL) and the company says it expects to spend some US$55M on the exploration.
The partners to the Georgetown PPL are Repsol Exploracion S.A (15%) ("Repsol"), as operator, along with YPF Guyana Limited (30 percent), Tullow Oil plc (30 percent) and CGX Resources Inc. (25 percent).
The well is being drilled by the Atwood Beacon jack-up drilling rig operated by Atwood Oceanics, Inc., a long term leader in the offshore drilling industry. Drilling is expected to take approximately 180 days.
Stephen Hermeston, President and CEO commented, "The spud of the Jaguar-1 well officially commences the long awaited resumption of offshore exploration drilling for the Government and People of Guyana, the Georgetown Joint Venture Partners and CGX shareholders. The Jaguar-1 well will be the deepest well drilled to date in the Guyana Suriname Basin. The well is targeting the Turonian geologic zone, a prolific producing zone offshore West Africa and Brazil."
Drilling at its Eagle-1 well on its independent Corentyne block is expected to begin by the end of next week.
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area that is ranked second in the world for oil and gas prospectivity by the United States Geological Service.
CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom.
Source: Demwaves
The company, in a statement, said the Jaguar-1 well will be drilled to a depth of 6,500 metres to test the high-yielding Turonian geologic zone.
The well is located on the Jaguar-1 well located on the Company's 25 percent owned Georgetown Petroleum Prospecting License (PPL) and the company says it expects to spend some US$55M on the exploration.
The partners to the Georgetown PPL are Repsol Exploracion S.A (15%) ("Repsol"), as operator, along with YPF Guyana Limited (30 percent), Tullow Oil plc (30 percent) and CGX Resources Inc. (25 percent).
The well is being drilled by the Atwood Beacon jack-up drilling rig operated by Atwood Oceanics, Inc., a long term leader in the offshore drilling industry. Drilling is expected to take approximately 180 days.
Stephen Hermeston, President and CEO commented, "The spud of the Jaguar-1 well officially commences the long awaited resumption of offshore exploration drilling for the Government and People of Guyana, the Georgetown Joint Venture Partners and CGX shareholders. The Jaguar-1 well will be the deepest well drilled to date in the Guyana Suriname Basin. The well is targeting the Turonian geologic zone, a prolific producing zone offshore West Africa and Brazil."
Drilling at its Eagle-1 well on its independent Corentyne block is expected to begin by the end of next week.
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area that is ranked second in the world for oil and gas prospectivity by the United States Geological Service.
CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom.
Source: Demwaves
