CGX lines up Ocean Saratoga for Guyana well

Offshore staff

TORONTO – CGX Energy has contracted Diamond Offshore Drilling’s semisub Ocean Saratoga to drill the Eagle-1 exploration well offshore Guyana. The well will be drilled on the Corentyne Petroleum Prospecting License (PPL), 100% owned and operated by GCX.

Currently Ocean Saratoga is performing a work-over in the Gulf of Mexico, but it will soon be available to transfer south to Guyana. Discussions continue with Guyanese officials regarding timing for drilling.

GGX President and CEO Steve Hermeston said: “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 m (14,107 ft) and the Jaguar-1 well which will appraise the Turonian geologic formation to an anticipated depth of 6,500 m (21,325 ft).”

Eagle-1 should take around 60 days to drill. Jaguar-1 on the Repsol-operated Georgetown PPL, will be drilled by the jackup Atwood Beacon after it has completed drilling for Inpex offshore Suriname.

11/30/2011



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