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Repsol Signs Exploration Deal with Guyana Gov’t

Spanish oil company Repsol has signed an exploration and production agreement with the Government of Guyana.

The four-year agreement, signed yesterday, will allow Repsol to search for hydrocarbons in the Kanuku block, approximately 161 km offshore Guyana, the only South American nation in which English is the official language.

According to GINA, Guyana’s Government Information Agency, Repsol will first conduct 2D and 3D marine seismic surveys, which will be followed by an exploration well in the second phase of the licence.

The company was last year involved in drilling the Jaguar-1, a high pressure, high temperature (HPHT) well, offshore Guyana. The well encountered some hydrocarbons but the partners in the prospect decided to plug the well on safety criteria after reaching a point in the well where the pressure design limits for safe operations prevented further drilling to the main objective.

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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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CGX Begins Drilling Offshore Guyana

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CGX Energy Inc. has commenced with drilling operations at the Eagle-1 well located on the Corentyne Petroleum Prospecting License (“PPL”) offshore Guyana.

The Eagle-1 well will be drilled to a depth of 4,250 metres to test the Eocene and Maastrichtian geologic zones. The well is being drilled by the Ocean Saratoga semi-submersible drilling rig owned by a subsidiary of Diamond Offshore Drilling, Inc. DO +0.89% , a leading drilling contractor with over 40 years of global drilling experience. Drilling is expected to take approximately 60 days.

Steve Hermeston, President and CEO commented, “Today marks a significant milestone in the history of CGX. We are returning to drill the Eagle prospect that was halted in June 2000 due to overlapping maritime border claims between Guyana and Suriname. Renewed exploration follows over seven years of dedication and co-operation between the Government of Guyana and CGX in resolving the Maritime Boundary between Guyana and Suriname peacefully and finally through the International Tribunal of the Law of the Sea (ITLOS) process. Following the resolution of the maritime border, CGX has shot two-3D seismic surveys, creating a portfolio of prospects on the Corentyne PPL, Eagle-1 being the first well to be drilled to test the original Eocene prospect, plus a deeper Maastrichtian prospect, both of which are stratigraphic tests. The current location will significantly benefit from the 3D acquired in conjunction with advances in better understanding the optimal position to test reservoirs deposited in deep water environments.”

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area that is ranked second in the world for oil and gas prospectivity by the United States Geological Service. CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom.

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