CGX Energy Inc is moving on to other locations in its hunt for oil after drilling at the Eagle-1 location in the Corentyne Basin proved to be futile, with the company now having to raise an additional US$20 million to finance the added drilling days spent at that site.
“CGX Energy Inc announces the results of the drilling of the Eagle 1 well on the Company’s 100% owned and operated Corentyne Petroleum Prospecting License (“PPL”), offshore Guyana. The Eagle-1 well reached total depth of 4,328 metres on April 25 in the upper Cretaceous Maastrictian geologic zone on an 8 ½ inch diameter