The following article is taken from the Stabroek news (Guyana)today..

http://www.stabroeknews.com/2009/new...

company processing seismic data, CEO says

Oil-exploration company CGX Energy Inc is currently processing the3-D seismic data acquired during its surveys, though it will be monthsbefore any decisions on drilling could be made, says Kerry Sully,President and Chief Executive Officer of the company.

He said that a large amount of data has to be processed, though mostof it should be completed by later this month. By July, depth imagingshould be done. The interpretation of the data would then follow andthis is a process that would take months. Identi-fication of possibletargets for drilling should be done later this year.

Sully, who spoke with Stabroek News by telephone yesterday, saidprocessing of data had started since last November and the company isat a transition moment in interpretation. He said that it is a largeamount of data that has to be processed and as an example, pointed outthat computers much more powerful that the personal computers are beingutilized with 6,300 central processing units being used simultaneouslyfor 24 hours a day for three weeks.

Following the interpretation and analyzing of the data, locationsfor drilling will be identified. Asked about the effect of the globalfinancial crisis on the company, he said that the company iswell-financed and pointed out too that “services such as drill rigsshould be a little more available so there are both positives andnegatives”.

CGX, had in January completed the shooting of the 1,839 sq km 3-Dseismic survey on its 25% offshore Georgetown Petroleum ProspectingLicence (PPL). Joint venture partners in the Georgetown PPL includedCGX, Repsol (15%) and its subsidiary, YPF Guyana (30%), and TullowGuyana BV (30%). The Georgetown survey was shot jointly with CGX’s 505sq km survey on its 100% owned Corentyne PPL, which was completed inDecember last.

CGX has been wrapped up in the quest for oil here for nearly a decade.

In June 2000, a CGX rig was chased out of Guyana’s waters bySuriname gunboats as it was about to embark on drilling a well in themost promising area. This led to a diplomatic crisis between Guyana andSuriname and years of futile talks. The deadlock was broken when Guyanatook its case to the UN Law of the Sea tribunal and secured a rulinglargely in its favour in 2007. Since then, expectations have been highover CGX resuming its oil search. It however signalled that it had todo further seismic work.
CGX is a Canadian-based oil and gas exploration company focused on theexploration for oil in the Guyana basin. It is managed by a team ofexperienced oil and gas and finance professionals from Canada, USA andthe UK. CGX is financed internationally and has shareholders worldwide.

M1.