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Repsol, Partners Abandon Jaguar-1 Well (Guyana)| Offshore Energy Today

Repsol, Partners Abandon Jaguar-1 Well (Guyana)| Offshore Energy Today

CGX Energy Inc. last week announced, along with its partners on the Jaguar-1 well located on the Company’s 25% owned Georgetown Petroleum Prospecting License (“PPL”), that drilling operations at the Jaguar-1 well on the Georgetown PPL, Guyana ended and the well would be plugged at a depth of 4,876 metres without reaching the primary objective in the Late Cretaceous geologic zone.

The decision to stop drilling at this point was unanimously agreed by all partners based on safety criteria and was taken after reaching a point in the well where the pressure design limits for safe operations prevented further drilling to the main objective.

Jaguar-1 was a high pressure, high temperature (HPHT) well which was spudded in February 2012 using the Atwood Beacon jack-up rig. Whilst the primary Late Cretaceous objective was not reached, samples of light oil were successfully recovered from two Late Cretaceous turbidite sands. The partners to the Georgetown PPL are Repsol Exploración S.A (15%), as operator, along with YPF Guyana Limited (30%), Tullow Oil plc (30%) and CGX Resources Inc. (25%).

Kerry Sully, President and CEO stated, “Based on hydrocarbons recovered during the drilling of Jaguar-1, CGX is confident that a new well targeting the same prospect would hold significant promise and is therefore committed to seek a re-drill utilizing a new well design.”

Commenting on the Company’s plans in the Guyana Suriname basin, Suresh Narine, Chairman, reiterated CGX’s near-term goals stating, “In addition to our commitment well on the Corentyne Block, we are planning a 3D seismic program later this fall with our ultimate goal being to commit to a rig for a three to five well program. Added to this would be the re-drill of the Late Cretaceous target addressed by the Jaguar-1 well.”

Repsol, Partners Abandon Jaguar-1 Well (Guyana)| Offshore Energy Today.

Tullow Oil Abandons Jaguar-1 Well Offshore Guyana

Drilling operations at the Jaguar-1 well in the Georgetown Block, Guyana, have ended and the well will be plugged and abandoned at a depth of 4,876 metres, without reaching the primary objective.

The decision to stop drilling at this point was unanimously agreed by all partners based on safety criteria and was taken after reaching a point in the well where the pressure design limits for safe operations prevented further drilling to the main objective.

Jaguar-1 was a high pressure, high temperature well which was spudded in February 2012 using the Atwood Beacon rig. Whilst the primary Late Cretaceous objective was not reached, samples of light oil were successfully recovered from two Late Cretaceous turbidite sands above the primary objective.

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Atwood Beacon to Drill Offshore Israel

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Atwood Oceanics, an international offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells, has been awarded a drilling services contract by Shemen Oil and Gas Resources Ltd., an Israel-based oil and gas company, for the Atwood Beacon independent leg cantilever Jack up rig.

The day rate for work offshore Israel will be $151,000, with contract commencement expected in September 2012 in direct continuation of the current contract. The costs for the mobilization will be covered by provisions in the current rig sharing group contract. The award has a firm duration of 180 days.

With the award of this contract, the firm contractual commitments for the Atwood Beacon are expected to extend through February 2013.

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