CGX renegotiates work programme for oil blocks in Guyana

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CGX Energy Inc. said Monday it has successfully renegotiated its work commitments for the Demerara, Corentyne and Berbice Petroleum Prospecting Licenses with the Government of Guyana.

As part of the renegotiation, the Company has also agreed to relinquish 25% of the acreage of both the Corentyne and Demerara blocks to the Government of Guyana.

The company said its new work commitments are as follows;

Corentyne Block

  • Drill an exploration well by November 27, 2019
  • Acquire additional seismic or conduct seismic reprocessing by November 27, 2020
  • Drill an exploration well by November 27, 2022

Demerara Block

  • Complete any additional data processing and planning, and secure all regulatory approvals for the drilling of an exploration well by February 12, 2020
  • Drill an exploration well by February 12, 2021
  • Drill an exploration well by February 12, 2023

Berbice Block

  • Complete a geochemical survey of a minimum area of 120 square kilometers and commence a seismic program defined by the aforementioned geochemical survey by February 12, 2020
  • Complete the seismic program and complete all processing and interpretation of data by August 12, 2021
  • Drill an exploration well by February 12, 2023
Professor Suresh Narine, CGX Chairman and Executive Director

Professor Suresh Narine, Chairman and Executive Director (Guyana) commented: “CGX Energy
thanks the Government of Guyana for its continued partnership and support; we as a company are
eager to pursue the new work commitments in this exciting Guyana basin, and in so doing continue
our unbroken commitment to the basin, the Guyanese people and its Government for more than 18
years.”