CGX Energy Inc. is pleased to provide an update on its next exploration well on the Company's 100% owned and operated Corentyne Block, offshore Guyana. The HAKURYU-12 jack-up rig from Japan Drilling Co., which will be used to drill CGX Energy's exploration well, is on schedule for completion by January, 2015. An announcement on mobilization and spud timing will be announced in a separate news release.
The Company, with the assistance of the technical team at Pacific Rubiales Energy Corp., has defined the well location and is in the process of planning its drilling activities for 2015.
Dewi Jones, Chief Executive Officer of the Company, commented: "The Company will be drilling the Kabukalli prospect offshore Guyana. The Kabukalli-1 well will test the Upper Cretaceous geologic objectives to an anticipated total depth of 4,502 metres and is anticipated to take approximately 73 days to drill (including contingency). This drilling emphasizes CGX Energy's continued efforts in evaluating the petroleum potential of this highly prospective basin."
CGX Energy is also moving forward with its Initial Period, Phase I commitment on the Berbice Block by acquiring, processing and interpreting 3,000 line kilometers of airborne geophysical data. CGX Energy has contracted Sander Geophysics Ltd. to perform the airborne gravity and magnetic survey. This survey will provide CGX Energy with additional data necessary to optimally position its 2D seismic survey which will likely take place during 2015. The Berbice petroleum prospecting licence governing the block is held by ON Energy Inc., which is 62% owned by CGX Energy.