CGX completes onshore study, drilling set for Sept.
Guyana Chronicle
June 15, 2004

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CGX Energy Inc, the Canadian-based oil and gas exploration company, has announced that the field acquisition of 182 km of 2-D seismic onshore study in Guyana has been successfully completed. The programme was conducted over a 10 week period by CGX’s 84.6% owned Guyanese subsidiary, ON Energy Inc.

The data was acquired by Seis Pros Inc of Houston, Texas on the 800,000 acre Berbice block to evaluate 22 leads covering 250 square kilometers that were identified in ON’s recent geomicrobial survey, a statement from CGX stated.

In addition, a 75-sample geochemical programme has just been completed to supplement prior analysis, the company said.

The seismic will be analyzed over the next two months to delineate high priority drilling targets. According to CGX, drilling is planned for this fall.

“The management and Directors of CGX and ON would like to thank all citizens of the region for their cooperation. In particular the Regional Administration, the Guyana Police Service and the Guyana Geology and Mines Commission were very helpful in facilitating a safe and timely completion of the field operations,” the Canadian-based company said.

“Our programme was designed to have minimal surface impact. CGX and ON are very appreciative of the consideration and help from individual farmers, private land owners and Guysuco’s Estate Management and Field Personnel,” the company said.

“Under the direction of Seis Pro, over 250 local personnel and many service providers were involved in completing an efficient programme (and) we thank them for their services and continued support,” the company asserted.

It was also noted that the Annual General Meeting of CGX will be held next Thursday (June 24) at the Toronto Board of Trade in Canada.

CGX Energy Inc is a Canadian-based oil and gas exploration company focused on the exploration for oil in Guyana. According to the CGX statement, the company is managed by a team of experienced oil and gas and finance professionals from Canada, USA and UK. CGX is financed internationally and has thousands of shareholders worldwide.