Bad Weather, Rig Issues Push Back CGX’s Drilling Schedule in Guyana

CGX Energy Inc. announces that delays due to minor mechanical issues on the Ocean Saratoga semi-submersible rig and weather conditions have pushed back the time frame for the completion of drilling of the Eagle-1 well beyond the originally planned 60 days.

It is now anticipated that drilling operations will be completed near the end of April. As announced on February 13th, results of the Eagle-1 well, offshore Guyana, will be issued upon completion of drilling.

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area that is ranked second in the world for oil and gas prospectivity by the United States Geological Service. CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom.

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Offshore Energy Today Staff, April 11, 2012