TORONTO, Nov. 13, 2014 /CNW/ - CGX Energy Inc. (TSXV: OYL) ("CGX Energy" or the "Company") is pleased to provide an update on its next exploration well on the Company's 100% owned and operated Corentyne Block, offshore Guyana. The HAKURYU-12 jack-up rig from Japan Drilling Co., which will be used to drill CGX Energy's exploration well, is on schedule for completion by January, 2015. An announcement on mobilization and spud timing will be announced in a separate news release.
The Company, with the assistance of the technical team at Pacific Rubiales Energy Corp., has defined the well location and is in the process of planning its drilling activities for 2015.
Dewi Jones, Chief Executive Officer of the Company, commented: "The Company will be drilling the Kabukalli prospect offshore Guyana. The Kabukalli-1 well will test the Upper Cretaceous geologic objectives to an anticipated total depth of 4,502 metres and is anticipated to take approximately 73 days to drill (including contingency). This drilling emphasizes CGX Energy's continued efforts in evaluating the petroleum potential of this highly prospective basin."
CGX Energy is also moving forward with its Initial Period, Phase I commitment on the Berbice Block by acquiring, processing and interpreting 3,000 line kilometers of airborne geophysical data. CGX Energy has contracted Sander Geophysics Ltd. to perform the airborne gravity and magnetic survey. This survey will provide CGX Energy with additional data necessary to optimally position its 2D seismic survey which will likely take place during 2015. The Berbice petroleum prospecting licence governing the block is held by ON Energy Inc., which is 62% owned by CGX Energy.
About CGX Energy
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
This news release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur in the future. These forward-looking statements are based on certain key expectations and assumptions made by CGX Energy. CGX Energy believes the expectations and assumptions on which it develops forward-looking statements are reasonable; however, undue reliance should not be placed on forward-looking statements as there can be no assurance they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition, other risks that may affect the forward-looking statements in this news release are outlined further in the Company's Annual Information Form dated March 5, 2014 filed on SEDAR at www.sedar.com.
The forward-looking statements contained in this news release are made as of the date hereof and CGX Energy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Image with caption: "HAKURYU-12 in PPL shipyard, Singapore (CNW Group/CGX Energy Inc.)". Image available at: http://photos.newswire.ca/images/download/20141113_C5012_PHOTO_EN_7919.jpg
Image with caption: "HAKURYU-12 jack-up testing in PPL shipyard, Singapore (CNW Group/CGX Energy Inc.)". Image available at: http://photos.newswire.ca/images/download/20141113_C5012_PHOTO_EN_7918.jpg
SOURCE: CGX Energy Inc.
For further information: Michael Galego, General Counsel and Secretary at (416) 843-3858 or [email protected]