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Message: CGX Energy.....3.3 Bb or 3.8 Bb
I just noticed this article, dated February 9, which indicates that the resource estimates for the CGX Energy are at 3.8 Bb, although the CGX website indicates 3.3 Bb....a increase of 500,000 b.....perhaps a typo ...perhaps a more recent updated number.....simple rounding to the nearest 500,000, etc.
Interesting when resource estimates are so large that that 500,000 just kind of slips into the material. Well, what is 500,000 between friends.
I would settle for an CGX Energy actual discovery of the lower amount of 3.3 Bb in the basin, because I do not want to be seen as greedy !
NT
Corentyne, Georgetown resource estimates hit 3.8Bb
Published: Thursday, February 9, 2012
Resource estimates for licenses Corentyne and Georgetown offshore Guyana total 3.8Bb, according to a presentation by CGX Energy (TSX-V: OYL).
The company holds 100% of Corentyne and a 25% interest in Georgetown, which includes participation of Repsol Exploración (15%) as operator, YPF Guyana (30%) and Tullow Oil (30%).
On Thursday, CGX announced the spud of the Jaguar-1 well on Georgetown that will take 180 days to complete and be drilled to a depth of 6,500m to test the Turonian zone. Atwood Oceanics' (NYSE: ATW) Atwood Beacon jack-up rig is drilling the well.
"The spud of the Jaguar-1 well officially commences the long awaited resumption of offshore exploration drilling [in Guyana]," said CGX chief executive Stephen Hermeston, adding that the well will be the deepest drilled to date in the Guyana Suriname basin.
Of the 3.8Bb, 700Mb (P10 resource estimate) are from Jaguar, and 3.1Bb (P50 resource estimate) from Corentyne prospects Eagle Deep (2.5Bb), Eagle Shallow (300Mb), Crabwood (200Mb) and Kabukalli (100Mb).
A 1,160km2 3D seismic acquisition program was recently completed on Corentyne, with fast track processing and interpretation of the data underway.
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