Georgetown: CGX Energy Inc. in a statement issued today said that it is pleased to announce that the Jaguar-1 well located on the Company's 25 % owned Georgetown Petroleum Prospecting License ("PPL") has commenced drilling. The partners to the Georgetown PPL are Repsol Exploracion S.A (15 %) ("Repsol"), as operator, along with YPF Guyana Limited (30%), Tullow Oil plc (30%) and CGX Resources Inc. (25%). The Jaguar-1 well will be drilled to a depth of 6,500 metres to test the Turonian geologic zone. The well is being drilled by the Atwood Beacon jack-up drilling rig operated by Atwood Oceanics, Inc. ATW -0.02% , a long term leader in the offshore drilling industry. Drilling is expected to take approximately 180 days.
Stephen Hermeston, President and CEO said that, "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."
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.
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