The Georgetown Petroleum Prospecting Licence (PPL), granted to a group that includes CGX Resources Inc, a subsidiary of CGX Energy Inc, has been renewed.
In a press release CGX Energy said the parties to the Licence have therefore entered the Second Renewal Period.
The parties to the Georgetown PPL are Repsol Exploracion SA (15%) being the operator along with YPF Guyana Limited (30%) Tullow Guyana BV (30%) and CGX Resources Inc (25%). During the first 18 months of the Second Renewal Period there is a minimum work commitment of one exploration well. And as required by the Georgetown PPL, about 30% of the area under contract has reverted back to the government. Processing and interpretation of the recently acquired 1,839 sq km 3D seismic data is well advanced for the selection of the location offer the commitment well.
CGX President and CEO Kerry Sully said on November 21, CGX announced that it was set to drill on its 100 percent-owned Corentyne PPL during the second half of 2010. With the renewal of the Georgetown PPL, CGX said it will be participating in a second well in the basin. CGX’s Corentyne property was the one where an attempt to drill a well was thwarted in 2000 by Surinamese gunboats in Guyana’s waters.