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CGX Energy gets 1-year extension on deadline to drill Guyana well

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CGX Energy has been granted a one-year extension on its schedule to drill a well on its Corentyne block offshore Guyana.

The company along with Joint Venture (JV) partner Frontera Energy Corporation said Friday discussions with the Guyana government were constructive, leading to the rescheduling of their work programme.

“The Joint Venture has remained committed throughout to completing its exploratory commitments in full, despite operational activities in Guyana being severely affected for much of 2020 due to the COVID-19 pandemic, delaying the Joint Venture’s exploration activities,” CGX and Frontera said. “The Joint Venture has been advised that the existing November 27, 2020 deadline for drilling the next well will be extended to November 27, 2021 subject to documentation.”

During a recent press conference in Georgetown, Guyana’s Vice President, Bharrat Jagdeo, had criticized CGX for not being able to conduct a drill campaign, in keeping with its work commitments.

“Some of these companies have gotten their licenses a long time back and they haven’t even started; time is far overdue for many of them to drill…CGX for that matter, since 2007, the court matter that it had where a Surinamese boat stopped them, was settled. But you know, 13 years have passed and since 2007 we don’t see a drill in sight,” Mr. Jagdeo said.

According to CGX’s quarterly highlights for the period ended June 30, 2020, it has submitted applications to Guyana authorities to relinquish 25 percent of its Demerara, Berbice and Corentyne Blocks.

CGX had said the relinquishment is necessary so that it can move forward with the second renewal period of the petroleum licences in respect of the blocks.

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