Canadian company to commence oil drilling offshore Guyana in 2010

"We were happy to report to the President that CGX is scheduled to drill under the Corentyne license in the second half of next year. The 3D seismic program undertaken by CGX succeeded in delineating a highly promising drilling target and CGX has developed and is now actively advancing its drilling program in Guyana's Corentyne region aimed at multiple targets," Sully said in a statement following the talks.

According to Sully, so far the explorer has completed the data interpretation on the recently completed seismic program identifying the drilling location and has put together the drill design program customized to the requirements of the selected drill location.

"The Strategic Environment Assessment is already in an advanced stage of finalization with the appropriate Agencies in Guyana and CGX has undertaken preparations for developing the necessary onshore staging and storage facilities in support of the drilling program. " Sully said in his statement

He noted that CGX also discussed its projections for exploration activities in its license concessions in Guyana beyond the Corentyne area.

The meeting was summoned by president Jagdeo two weeks ago after the president expressed disappointment with the rate at which the explores were moving and said that they must beyond talk.

"I made it clear to CGX, they need to move beyond talk now to putting down a well," Jagdeo said at a press conference on Friday. He said that company officials will be here later this month.

"They'll be here to talk about that and about their plans, specific plans, concrete action to move to that stage," he told the media.

Jagdeo indicated that he had asked the top management of CGX to meet with him to discuss the future of oil exploration here and the plans of the company that was licensed to drill for oil here years ago.

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

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