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Message: Article from Guyana Chronicle
| CGX Energy completes US$23M additional financing |  |
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| Written by |
| Tuesday, 21 December 2010 04:26 |
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CANADIAN exploration company CGX Energy Inc. last week announced that it has closed its offering of common shares at US$0.90 per share in an effort to raise US$23M in project financing. The funds, according to a press release from the company, will finance drilling off Guyana’s coast in the second quarter of 2011, as the company readies itself for the operation, confident in the seismic work done over the years which suggests that the finding of hydrocarbon resources is highly probable. CGX Energy Inc and Spanish company Repsol are part of a drilling consortium exploring for commercial amounts of oil and natural gas off the coasts of Guyana and Suriname, and which drilled its first well some weeks ago, as drilling activity in the area ramps up to its highest levels to date. Participating in the consortium are Murphy Oil, Inpex, Repsol- YPF, Tullow and Toronto-based CGX Energy Inc. The group has collectively secured the Atwood Beacon jack up rig to test four blocks in the basin in the coming 12 months. Six wells in all will be drilled. CGX Energy Inc holds licences covering 7.8 million gross acres in the basin, including Georgetown and Corentyne, but is looking to farm out a portion of its interests in those two holdings. President and CEO of CGX Energy Inc, Kerry Sully, described the region as part of the broader “emerging equatorial Atlantic” play that includes new multi-million barrel discoveries off the coast of Brazil and new West African discoveries from Ghana to Sierra Leone. |
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