CGX Energy Provides Operational Update

CGX Energy Inc. provided an operational update on its exploration assets in Guyana.

Helicopter services contract

CGX Energy has entered into a definitive agreement for the provision of helicopter services for use in the drilling of its first commitment well on its Corentyne Block scheduled to be spudded before October 31, 2015. Under the terms of the agreement, the Company has procured the services of Bristow Helicopters (International) Limited, a corporation organized and acting under the laws of England and having its registered office in England.

Shallow Hazard survey completion

Additionally, CGX has completed a shallow hazard survey in order to acquire seabed conditions and drilling hazard information surrounding the location of its first commitment well on the Corentyne Block. The survey, performed by the M/V Sea Surveyor of Guardline Marine Sciences (South America) Ltd., comprised an area of 3.5km x 4.5km. Soil boring samples will be taken in October 2014 to predict leg penetration for the HAKURYU-12 jack-up drilling rig.