Re: Costs of wells.

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zibo

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Re: Costs of wells.

in response to

Re: Costs of wells.

zibo

posted on May 06, 2012 10:35AM

CGX is funded for drilling of Jaguar with its 25% share of costs estimated to be $30 to $40 million. In parallel,

Jefferies Randall & Dewey (JRD) have been retained to market the opportunity to a joint venture partner to

earn an interest in the Corentyne PA and/or the Company’s interest in the Georgetown PA by committing to

drill an exploration well.

JRD continues to market the opportunity for a joint venture partner(s) to earn a promoted

interest in the Corentyne PPL by drilling an exploration well. The preference is to drill this well deep to test a

Turonian prospect adjacent to the Jaguar prospect on the Georgetown PPL, with potential higher uphole in the

Campanian, Maastrichtian and Eocene. The revised cost estimate for Eagle Deep has increased to US$90 to US$100

million from US$70 million due to additional costs in a “post-Macondo” environment. However the minimum, work

commitment can be fulfilled by drilling a shallow well to test the Eagle Eocene prospect to approximately 3,500

metres. The current cost estimate to drill the Eagle-1 well to 3,500 metres is US$40 million, an increase of US$6