Discouraging news released by CGX earlier today:
quote:Kerry Sully, President and CEO of CGX, stated, "Although the results of the Eagle-1 well are disappointing for all stakeholders, this test has gathered valuable information that will assist CGX with determining the drilling location for its next well to be drilled on the Corentyne PPL and for other future targets.
The Eagle-1 well was initially budgeted for 60 days of drilling but experienced weather delays and mechanical issues which extended operations for approximately an additional 30 days. The initial cost estimate for the Eagle-1 well was $55 million, however with the delays the Eagle-1 well is now estimated to cost $71 million. As a result, the Company will need to raise approximately $20 million in the near term.
The Jaguar-1 well on the Georgetown PPL in which CGX has a 25% interest with partners Repsol ExploraciΓn S.A (operator), YPF Guyana Limited and Tullow plc, continues. Total depth for the well is projected at 6,500 metres to test the Turonian geologic zone. The Jaguar-1 well was spud on February 9, 2012 and is expected to take 180 days. Drilling operations are progressing as planned.
http://www.newswire.ca/en/stor...well-offshore-guyana
Member of the PNC and AFC are euphoric---this is great news---CGX failing to discover oil is great news for the AFC and PNC---bad news for Guyana is deemed great news for the AFC and PNC.
Rev