| November 29, 2011 |
| CGX Awards Drilling Contract for Offshore Eagle Well |
TORONTO, ONTARIO--(Marketwire - Nov. 29, 2011) -
Editors Note: There is one photo associated with this press release.
CGX Energy Inc. (TSX VENTURE:OYL) ("CGX" or the "Company") is pleased to announce that it has awarded a drilling contract to a subsidiary of Diamond Offshore Drilling, Inc. (NYSE:DO) ("Diamond") for the Ocean Saratoga semi-submersible drilling rig to drill the Eagle-1 well on the Company's 100% owned and operated Corentyne Petroleum Prospecting License ("PPL"), offshore Guyana. The Ocean Saratoga is currently performing a work-over in the Gulf of Mexico and will soon be available to drill the Company's Eagle-1 well. CGX is in discussions with Government of Guyana officials regarding timing for drilling. An announcement on mobilization and drill timing will be announced in a separate press release.
Diamond is a leading drilling contractor that owns and operates one of the largest fleets of offshore drilling units in the world and has operation bases in Houston, Perth, Australia, Macae, Brazil and Aberdeen, Scotland. Diamond has over 40 years global drilling experience and approximately 5,000 highly skilled employees worldwide.
Steve Hermeston, President and CEO commented, "The Company will be drilling two highly prospective wells offshore Guyana -- the Eagle-1 well that will appraise the Eocene and Maastrichtian geologic formations to an anticipated total depth of 4,300 metres and the Jaguar-1 well which will appraise the Turonian geologic formation to an anticipated depth of 6,500 metres. Our 100% Eagle-1 well is anticipated to take approximately 60 days to drill. The Jaguar-1 well, located on the Georgetown PPL, in which CGX has a 25% interest with partners Repsol Exploracion S.A (operator), YPF Guyana Limited and Tullow Guyana BV, will be drilled by the Atwood Beacon jackup rig as soon as it completes drilling for Inpex Corporation offshore Suriname. This drilling will mark the fruition of years of evaluation, preparation and cooperation between CGX and the Guyana Government and the onset of evaluating the petroleum potential of this highly prospective basin."
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