and we caught up with company President

Sully tells us that the importance about the Tullow well success

of a few days ago was that they found oil in three

zones which he suggests is much more important than finding

oil just in the Turonian zone.

He suggests this now has a good chance of becoming a

large petroleum system on this side of the Atlantic...

offsetting the discoveries Tullow made on the other side

of the Atlantic offshore Ghana.

Sully suggests that there will probably be 11 different

targets drilled now offshore French Guiana, Guyana and

Suriname in the next two years and CGX could be involved

in two to four of them.

As far as spud dates, the best guess right now is probably

mid-October, but Inpex is currently using the rig that

CGX would utilize and if Inpex does have success, they

would want to test and that would mean CGX spud date

might well be mid-November...but then that’s good news if

Inpex has to test, it would mean that they too would have a

discovery and more importantly, that would mean the odds

of CGX hitting something enormous, just got slightly better.

David Pescod T: 780.408.1750 Debbie Lewis T: 780.408.1748 Toll Free: 1.877.409.1750

Meanwhile if they do hope to have a multi-well program, they are going to have to come up with some joint venture

partners and probably another financing.

Sully hopes to be having a busy phone starting next week as major players around the world contemplate the possibility

of the Guyana Basin.

Probably the best report for background on this play (as frequently mentioned on Bullboards) was one put out by

UBS much earlier this year. For those looking for background, it’s still the best place to go.

To see this report, e-mail Debbie at debbie.lewis@canaccord.com.