CGX securing rig for Corentyne license - Guyana

By David Casallas / Business News Americas

CGX Energy (TSX-V: OYL) is in the process of securing a rig to drill its 100%-owned Corentyne license offshore Guyana, the company's investor relations office told BNamericas.

Drilling is due to begin late this year, the company said, adding that it is not known whether the rig will be used by others for drilling in the Guyana-Suriname basin.

CGX plans to drill one well and envisions daily rig rates at less than US$150,000. US firm Gustavson Associates has calculated a total best estimate (P50) prospective resource of four Corentyne prospects to be 2.7Bb of oil.

In December, the company opened a data room to farm-out Corentyne.

In Guyana, CGX also holds a stake in the Georgetown offshore license - seismic for which is being interpreted - and in neighboring Suriname, the Canadian firm has purchased a dataset.