CGX gets more seismic data on Guyana concession
Guyana Chronicle
November 4, 2001

CANADIAN-based CGX Energy Inc. has announced that it has acquired more seismic data on its Guyana offshore oil exploration concession to help it better analyse the area.

In a press release it said the 3,300 line kilometres of seismic data just acquired was shot by the Deminex firm in 1973 and 1976, covering the new northwest block (the "Annex") on the exploration concession and adjacent areas.

The company said most of the existing database was acquired in 1999 by CGX and neighbouring licence-holders (a joint venture between Repsol (Maxus) of Spain and ENI of Italy), on a shared seismic programme.

The programme used modern, solid-state technology provided by seismic contractor Western Geophysics, it reported.

Mr. Warren Workman, V.P. Exploration of CGX, said the "newly-acquired data is a significant piece in the puzzle to advance the regional geological interpretation of the Guyana/Suriname Basin."

"We are currently re-processing the data using modern techniques in order to identify evidence supporting the extension of the Wishbone/Eagle turbidite trend onto the northwestern "Annex" portion of our concession", he said.

CGX said vintage seismic data from Guyana has been scattered all over the world and has been a challenge to gather.

However, the company said it now has a comprehensive collection of vintage and new data for regional assessment.

As part of its technical assistance to the government of Guyana, CGX said it has provided the Guyana Geology and Mines Commission with electronic copies of the data for processing by their professionals and to complete their archives.

The company, which believes it has located world class giant oilfields in the concession, is hoping to resume drilling soon.

Suriname gunboats forced a CGX drilling rig out of the area in June last year triggering a period of chilly relations between Guyana and the former Dutch colony.

Guyana has disputed Suriname claims the rig was in that country's territory and President Bharrat Jagdeo is due to travel there this year for talks on the issue with President Ronald Venetiaan who took office late last year.

CGX Energy Inc. is an oil and gas exploration company focused on the exploration for oil in the Guyana basin, low risk development in Western Canada and is actively looking at other international opportunities.