CGX Energy Inc. (TSX VENTURE: OYL)("CGX" or the "Company") announces that after a meeting today in Georgetown, Guyana with the President of Guyana, His Excellency Bharrat Jagdeo, CGX's President, Kerry Sully stated:
"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."
Mr. Sully conveyed "CGX's appreciation of the ongoing support of the President of Guyana and of its government and people".
In the overall update on its exploration and drilling plans Corentyne concession offshore Guyana, CGX Energy reported on the following:
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- Data interpretation on the recently completed seismic program identifying the drilling location.
- CGX's 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.
- CGX has undertaken preparations for developing the necessary onshore staging and storage facilities in support of the drilling program.
CGX also discussed its projections for exploration activities in its license concessions in Guyana beyond the Corentyne area.
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, U.S.A. and the UK. CGX is financed internationally and has thousands of shareholders worldwide.
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