Repsol Starts Drilling at Jaguar-1, Offshore Guyana

Repsol Begins Drilling at Jaguar-1, Offshore Guyana

Spain-based Repsol has commenced drilling operations at the Jaguar-1 well, located on the Georgetown Petroleum Prospecting License, offshore Guyana.

The Jaguar-1 well will be drilled to a depth of 6,500 metres to test the Turonian geologic zone. The well is being drilled by the Atwood Beacon jack-up drilling rig operated by Atwood Oceanics, Inc., a long term leader in the offshore drilling industry. Drilling is expected to take approximately 180 days.

The partners to the Georgetown PPL are Repsol Exploración S.A (15%) (“Repsol”), as operator, along with YPF Guyana Limited (30%), Tullow Oil plc (30%) and CGX Resources Inc. (25%).

Stephen Hermeston, President and CEO of CGX commented,The spud of the Jaguar-1 well officially commences the long awaited resumption of offshore exploration drilling for the Government and People of Guyana, the Georgetown Joint Venture Partners and CGX shareholders. The Jaguar-1 well will be the deepest well drilled to date in the Guyana Suriname Basin. The well is targeting the Turonian geologic zone, a prolific producing zone offshore West Africa and Brazil.”

Offshore Energy Today Staff, February 10, 2012; Image: CGX Resources Inc.